COVID-19: Massive global tourism losses projected

As Jamaica’s tourism sector begins to feel the impact of the coronavirus outbreak, there are projections that the global fallout could see a revenue loss of US$1 trillion  and about 50 million tourism job lost.

The head of Global Tourism Forum, Bulut Bagci, has given that the outlook.

Mr. Bagci noted that the global tourism market averages revenues of $ 1.7 trillion  dollars annually, and due to the virus outbreak, economic losses have already reached $600 million.

He added that the total economic loss could be as high as $5 trillion when sectors related to tourism are included in the equation.

Concern has been raised that, even after the coronavirus outbreak is brought under control, tourism's recovery will not be easy.

The Global Tourism Forum head revealed that the effects of the virus on the sector are growing every day as 70% of activities have been halted due to the rapid spread of the disease and governments' tight restrictions on movement.

According to a report by industry consultancy Tourism Economics, international travel is expected to fall at least 10.5% this year, the biggest year-on-year drop in history.

The worldwide effects of  the highly contagious respiratory illness, including mass quarantines and travel restrictions, have raised prospects of  a severe global recession.

Jamaica