The global growth trajectory of the tourism industry has been shattered and grounded by the pandemic inflicted by COVID-19. According to the World Tourism Organisation (UNWTO), the international tourist arrivals will be down by 20% to 30% in 2020 when compared with 2019 figures, equivalent to a loss of 300 to 450 US$ billion in international tourism receipts (exports) – almost one third of the US$ 1.5 trillion generated globally. The direct contribution of the travel and tourism industry today accounts for 3.3% of the total global GDP and 4.4% in OECD countries (average) with picks of 14%, 13% and 18% for countries like Spain, Italy and Greece respectively. Some countries are predicted to face more substantial blows than others due to their high reliance on the sector especially when considering an interesting comparison: out of the top 10 destinations by international tourists’ arrivals (France, Spain, United States, China, Italy, Turkey, Mexico, Germany, UK and Thailand), 8 result to be the hardest hit by COVID-19, implying that the economic shock on tourism will be further exacerbated in these countries. According to the latest estimates, Asia will see the highest overall drop in travel and tourism revenue in 2020, with China accounting for the lion’s share of lost revenue. Read more
