Pandemic wipes USD320 billion off global tourism revenues
The Covid-19 crisis has cost global tourism US$320 billion in lost revenue for the first five months of 2020.
Madrid-based World Tourism Organization puts it at ‘more than three times the loss during the Global Financial Crisis of 2009,’ and is threatening the livelihoods of millions.
It said cross-border arrivals fell by about 300 million during the period to May 2020, due to national lockdowns and border closures.
That contributed to a 56% year-on-year drop in arrivals between January and May.
"This latest data makes clear the importance of restarting tourism as soon as it is safe to do so. The dramatic fall in international tourism places many millions of livelihoods at risk," WTO secretary general, Zurab Pololikashvili said.
The agency notes the very real threat of ‘second waves’ which could lead to new lockdowns and stall the slow progress being made as some countries start to reopen.
There is a general consensus on the UNWTO Panel of Tourism Experts that global tourism will recover by early to mid-2021.
Key to a recovery will be the major outbound markets of the United States and China which currently remain at a standstill.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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