Tourism suffers at least 1,200 billion dollars loss this year due to Corona crisis – Travel

At best, the scenario, in which the interruption lasts only four months, is lost in tourism by 1.200 billion dollars, which corresponds to 1.5 percent of the global gross product, according to a report by UNctad, the UN trade organization.

In a pessimistic scenario with a break of up to 12 months, 3,000 billion dollars, 4.2 percent of global GDP, would be lost.

The backbone of the economy

Tourism “is the backbone of the economies of many countries and has more than tripled its activity in the last 20 years, from 490 billion dollars to more than 1600 billion dollars,” according to the World Tourism Organization (WTO).

The losses in tourism caused by the coronavirus have a side effect in other sectors that offer goods and services that travelers use during their holidays, such as food, drink, handicrafts and entertainment.

Jamaica and Dominican Republic

In the Caribbean, the biggest decline is in Jamaica, where GDP can fall from 11 percent to 32 percent, and in the Dominican Republic, where GDP can fall from 5 percent to 16 percent.

Other countries in Latin America that make hits according to WTO models are Colombia, Argentina, Ecuador, and Mexico, where the loss can be as much as 4 percent of GDP.

In Africa, countries such as Egypt and Kenya can lose 3 to 10% of their GDP. In other words, Egypt sees its revenues falling by more than 25 billion dollars and Kenya by 9 billion.

Thailand and Malaysia

In Asia, Thailand can lose 9 to 11 percent of its GDP, Malaysia 3 to 10 percent. The islands in the Pacific are also affected.

These figures “remind us of something we often seem to forget: the economic importance of the sector and its role as a lifeline for millions of people around the world,” says Pamela Coke-Hamilton, Unctad’s commercial director.

“For many countries, such as small island states, a collapse in tourism means a collapse in their development prospects. We can’t afford that.’

Women

In rich countries such as France, Greece, Italy, Portugal, Spain and the United States, tourism will also suffer from the coronary crisis. In Europe, Croatia is bearing the brunt, with a decline of 8%.

According to WTO forecasts, Spain could lose 3 to 9% of its GDP, or 44-129 billion dollars.

The decline in tourism mainly affects women, says Coke-Hamilton. In countries such as Haiti and Trinidad and Tobago, 54% of the hospitality workforce is employed, and in countries such as Haiti and Trinidad and Tobago, it is more than 70%.

At best, the scenario in which the interruption lasts only four months is lost, 1,200 billion dollars (1.2 trillion) dollars in tourism, equivalent to 1.5 percent of global gross product, according to a report by Unctad, the VN-handelsorganisatie.In a pessimistic scenario, with a break of up to twelve months would lose 3,000 billion dollars, 4.2 percent of global GDP. Tourism “is the backbone of the economies of many countries and has more than tripled its activity in the last 20 years, from 490 billion dollars to more than 1600 billion dollars,” according to the World Tourism Organization (WTO). The losses in tourism caused by the coronavirus have a side effect in other sectors that offer goods and services that travelers use during their holidays, such as food, drink, handicrafts and entertainment. In the Caribbean, the biggest decline is in Jamaica, where GDP can fall from 11 percent to 32 percent, and in the Dominican Republic, where GDP can fall from 5 percent to 16 percent. Other countries in Latin America that make hits according to WTO models are Colombia, Argentina, Ecuador, and Mexico, where the loss can be as much as 4 percent of GDP. In Africa, countries such as Egypt and Kenya can lose 3 to 10% of their GDP. In other words, Egypt sees its revenues falling by more than 25 billion dollars and Kenya by 9 billion. In Asia, Thailand can lose 9 to 11 percent of its GDP, Malaysia 3 to 10 percent. The islands in the Pacific are also affected. These figures “remind us of something we often seem to forget: the economic importance of the sector and its role as a lifeline for millions of people around the world,” says Pamela Coke-Hamilton, Unctad’s commercial director. “For many countries, such as small island states, a collapse in tourism means a collapse in their development prospects. We can’t afford that.’ In rich countries such as France, Greece, Italy, Portugal, Spain and the United States, tourism will also suffer from the coronary crisis. In Europe, Croatia is bearing the brunt, with a decline of 8%. According to WTO forecasts, Spain could lose 3 to 9% of its GDP, or 44-129 billion dollars. The decline in tourism mainly affects women, says Coke-Hamilton. In countries such as Haiti and Trinidad and Tobago, 54% of the hospitality workforce is employed, and in countries such as Haiti and Trinidad and Tobago, it is more than 70%.