Tourism Industry to Lose Over $1 Trillion; Can Reduce Global GDP By Up to 2.8%

Tourism Industry to Lose Over $1 Trillion; Can Reduce Global GDP By Up to 2.8%

Tourism, which is the third largest export sector in the global economy, is among the worst impacted sectors by the global pandemic. According to the research data analyzed and gathered by StockApps.com, international tourist numbers in 2020 could decline by 58% to 78%.

In that scenario, visitor spending could plummet from the 2019 figure of $1.5 trillion to between $310 billion and $570 billion in 2020. It would translate to a loss of $910 billion to $1.2 trillion in tourism exports.

Furthermore, it could lead to the loss of between 100 million and 120 million direct jobs in the sector. According to the United Nations Conference on Trade