WTTC: European travel and tourism sector suffered 51.4% financial decline last year due to COVID-19


[ad_1]

Europe’s travel and tourism sector experienced the biggest economic collapse last year, after Asia-Pacific, due to the coronavirus situation, dropping 51.4% (€ 987 billion) , according to the recent annual report on economic trends produced by the World Travel and Tourism Council (WTTC).

According to the Council, the deep and damaging drop results from restrictions imposed to curb the spread of the coronavirus and its new strains, reports SchengenVisaInfo.com.

The Economic Trends Report showed that domestic spending in Europe fell 48.4%, “offset by some intra-regional travel”. In addition, international spending fell more sharply, by 63.8%.

However, despite the figures provided by the WTTC, Europe remained the world’s leading region for spending by international visitors.

Yet travel and tourism employment in Europe suffered a 9.3 percent drop, leaving a total of 3.6 million people engaged in this industry jobless.

The WTTC, in its recent report, which focuses on the impact of travel restrictions on the global economy and global job losses, showed Asia-Pacific to be the region most affected by the coronavirus pandemic.

The contribution of the Asia-Pacific travel and tourism sector to its gross domestic product (GDP) fell 53.7% from the global decline of 49.1%.

Spending by international visitors to this region fell 74.4% as many governments closed their borders to inbound tourists. In addition, domestic spending fell by 48.1%.

Travel and tourism employment in the Asia-Pacific region fell by 18.4%, meaning a total of 34.1 million people lost their jobs in 2020.

However, despite the significant decline, Asia-Pacific remained the largest region in terms of travel and tourism jobs in 2020, accounting for 55% (151 million) of all travel and tourism jobs in the world.

In this regard, Virginia Messina, Senior Vice President of the WTTC, said: “Council data exposed the devastating impact of the pandemic on travel and tourism around the world. “

“The WTTC believes governments around the world should take advantage of their vaccine deployments, which could significantly ease travel restrictions on travel and help fuel the wider global economic recovery,” Messina said.

According to the WTTC report, travel and tourism to Africa fell 49.2 percent over the past year.

The same source revealed that domestic spending fell 42.8%, while international spending fell 66.8%.

As a result of the coronavirus pandemic, a total of 7.2 million people in Africa were left unemployed and in dire straits.

As for countries in the Middle East, the contribution of travel and tourism to the region’s GDP in 2020 decreased by 51.1%.

While domestic spending fell 42.8%, international spending fell 70.3% due to travel restrictions and other preventative measures imposed to stop the spread of the deadly virus.

“The region, which depended heavily on international tourism in 2019, saw international spending as a percentage of total travel and tourism spending drop from 62% of the total in 2019 to just 46% in 2020,” The WTTC revealed this in its recent report.

However, domestic spending in Middle Eastern countries marked an increase from 38% of the total in 2019 to 54% in 2020.

Recently, figures provided by the latest edition of the United Nations Travel Restriction Report showed that a total of 29% of destinations worldwide have kept their borders closed to international tourism, since June 1, due to the pandemic situation. of coronavirus. .

[ad_2]

Comments are closed.