Tsunami to cost industry $3bn
WTTC Summit Special: The Indian Ocean tsunami will have a limited impact on global tourism in 2005, but of the eight countries affected, the Maldives is worst off and will lose nearly a third of its GDP this year.
This is according to figures released by WTTC on the first day of the organisation’s Summit in New Delhi.
This impact is significantly less than that which followed the September 11 terrorist attacks, according to WTTC, which are estimated to have cost global travel and tourism 37.5 times more in monetary terms than the tsunami.
Speaking at a press conference, WTTC executive vice president, Richard Miller said: “While the tsunami was a terrible humanitarian crisis it is expected to have a limited affect on global travel and tourism as the impact is limited to specific destinations.”
The total impact of the tsunami on global travel and tourism is expected to total $3 billion and cost the industry more than 250,000 jobs. Worst hit was the Maldives, which is estimated to lose 30% of its GDP or $55 million and over 10,000 jobs.
Thailand is expected to lose 17% of GDP, amounting to $1.2 billion and 95,000 jobs while Sri Lanka will lose 14% or $201 million and 67,000 jobs.
The economic impact of the tsunami is expected to be greater than that of Sars or the Bali bombing. Sars caused less than half of the monetary losses that are expected to result from the tsunami and the Bali bombing 10%.
Mr Miller also took the opportunity to thank PATA for its help in recording the data.
Report by Ginny McGrath
Ginny McGrath
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