In the first five months of the year, global tourism suffered losses of $320 billion.

01/08/2020

According to information from the United Nations World Tourism Organization (UNWTO), the damage to the global tourism industry due to Covid-19 has been three times greater than the damage caused by the 2009 economic crisis.

Countries closing borders and imposing travel restrictions/bans to combat the pandemic have virtually frozen the global tourism industry.

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According to the latest version of the UNWTO World Tourism Barometer, the number of international tourists decreased by 98% in May compared to the same period in 2019. From January to May 2020, the number of tourists decreased by more than 50% compared to last year. This resulted in the global tourism industry losing approximately 300 million tourists and $320 billion – more than three times the losses during the 2009 global economic crisis.

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UNWTO Secretary-General Zurab Pololikashvili said: "These latest data from the Barometer report highlight the importance of restarting tourism as soon as it is safe to do so. The enormous losses in the tourism sector threaten the livelihoods of millions of people, including citizens in developing countries."

Every government in the world has a dual responsibility: to prioritize public health and protect jobs and businesses. In the face of this shared challenge, they also need to maintain the spirit of cooperation and solidarity we have mentioned and refrain from unilaterally making decisions that could undermine the trust and confidence we are working to build.”

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While tourism is gradually recovering in certain areas, the UNWTO Confidence Index has fallen to a record low, encompassing both the January-April assessment and the outlook for May-August this year. Most members of the UNWTO Tourism Expert Panel expect international tourism to recover in the second half of 2021.

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The group of experts expressed deep concern about travel restrictions and border closures in many countries, the ongoing disruptions in major travel markets such as the United States and China, concerns about the safety of travel, new waves of the virus, and the risk of new lockdowns. Furthermore, concerns about a lack of reliable information and a deteriorating economic environment were also identified as key factors eroding traveler confidence.

My Tong - Source: Compilation
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