World tourism leaders have been urged to execute crucial measures to save the Travel & Tourism sector, ahead of a special meeting of the G20, hosted by the Kingdom of Saudi Arabia.
The call was made by the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, to prevent a catastrophic collapse following the spread of the coronavirus pandemic, putting up to 75 million jobs at immediate risk. WTTC implored the G20 leaders to assign resources and coordinate efforts to rescue major travel businesses such as airlines, cruises, hotels, GDS and technology companies, as well as the SME’s, such as travel agents, tour operators, restaurants, independent workers and the entire supply chain, in order to save the jobs of the 330 million people who rely on Travel & Tourism for their livelihoods.
Latest research from WTTC shows a 50% increase in jobs at risk in Travel & Tourism, number of jobs at risk from COVID-19 pandemic is up to 75 million. The alarming figure, based on research from WTTC, shows a punishing Travel & Tourism GDP loss to the world economy of up to US$2.1 trillion in 2020.
The latest projection of a 50% increase in jobs at risk, in less than two weeks, represents a significant and worrying trend, with an astounding one million jobs being lost every day in the Travel & Tourism sector, due to the sweeping effect of the coronavirus pandemic.
The analysis by WTTC, which represents the global Travel & Tourism private sector, also exposes the depth of the crisis for individual regions. Asia-Pacific is expected to be most heavily impacted with up to 49 million jobs at risk throughout the region, representing a loss of nearly US$800 billion to Travel & Tourism GDP.
The latest figures also suggest that in Europe, up to 10 million jobs in Travel & Tourism are at risk, totalling a loss of nearly US$552 billion.
Germany is set to be the most affected country in Europe, with almost 1.6 million jobs at risk, followed by Russia with an estimated 1.1 million in potential job losses. Italy and the UK follow as the third most impacted, with both countries projected to lose up to one million jobs in the Travel & Tourism sector.
Travel & Tourism contributes to 10.4% of Global GDP, is directly responsible for generating one in 10 of the world’s jobs, and for eight successive years, has outpaced the growth of the global economy.