Economics
The Global Tourism Industry’s Losses May Exceed $1.2 Trillion
- Damage may top $3.3 trillion if travel curbs persist in 2021
- Jamaica, Thailand, other developing nations will suffer most
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The global tourism industry will lose at least $1.2 trillion this year amid crippling travel restrictions and consumer wariness during the coronavirus pandemic, according to a report Wednesday from the United Nations Conference on Trade and Development.
The losses, equal to 1.5% of the world economy, could balloon to $3.3 trillion if the hit to international leisure travel persists until March 2021, with the harshest effects afflicting developing and island nations, according to the Geneva-based agency’s report.