We know that the industries that were hit the hardest by the Covid-19 pandemic include the travel industry and entertainment industry. The World Travel and Tourism Council released the latest data that shows how drastically the pandemic has impacted the tourism industries around the globe in 2020. According to the infographic, the travel and tourism industry had a setback of an unimaginable $4.5 trillion and therefore its contribution to the global GDP declined by an incredible 49.1 percent in 2020.
Because of the strict travel restrictions and decline in the industry, around 62 million people lost their jobs in the travel and tourism sector. On the other hand, the spending by domestic visitors dropped by 45 percent whereas, the spending by international visitors fell by 69.4 percent in the previous year.
If we talk about the GDP losses in different countries due to travel ban, the highest percent loss was faced by Italy i.e., 7 percent where the contribution to GDP went from $269.8 billion in 2019 to $132.2 billion in 2020. The United States on the other hand lost the contribution of nearly $766 billion by the travel and tourism industry in 2020. Another mammoth loss was experienced by China where the industry’s contribution fell from 11.6 percent to 4.5 percent.
Infographic by: Statista.com