COVID19: WTTC Estimates 100+ Million Job Losses in Travel & Tourism Sector

According to the World Travel & Tourism Council (WTTC), the industry faces a staggering 100 million job losses due to the COVID19 pandemic.

The startling figure, based on WTTC research, has increased by over 30% in just the last four weeks.

Of the 100.8 million jobs at risk, almost 75 million of them are in G20 countries.

Analysis also shows a sharp escalation in the economic loss to the world economy, up to US$2.7 trillion of GDP, from US$2.1 trillion just a month ago.

The punishing impact of the COVID19 crisis has led to over one million jobs already being lost every day, says the WTTC.

Gloria Guevara, WTTC President & CEO, said, “This is a staggering and deeply worrying change in such a short time. In just the last month alone, our research shows an increase of 25 million in the number of job losses in travel and tourism. The whole cycle of tourism is being wiped out by the pandemic.”

Travel and tourism contributes 10.3% of global GDP, is responsible for generating one in four of the world’s new jobs, and for nine successive years, has outpaced the growth of the global economy.

“Travel and tourism is the backbone of the global economy. Without it, global economies will struggle to recover in any meaningful way and hundreds of millions of people will suffer enormous financial and mental damage for years to come,” Ms. Guevara added.

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