WTTC: Europe’s Travel & Tourism Sector Suffered 51.4 % Financial Decrease Last Year Due to COVID-19

The travel and tourism sector in Europe experienced the largest economic collapse last year, after the Asia-Pacific region, due to the case of the Corona virus, recording a decrease of 51.4 percent (987 billion euros), according to the latest annual economic trends report conducted by the global travel company. and Tourism Council (WTTC).

According to the council, the significant and damaging decline resulted from restrictions imposed to limit the spread of the coronavirus and its new strains, TheSchengen.com reports.

The Economic Trends report showed that domestic spending in Europe recorded a decline of 48.4 percent, “offset by some travel within the region”, in addition, international spending recorded an even greater decline of 63.8 percent.

However, despite the figures provided by WTTC, Europe remained the number one global region in terms of international visitor spending.

However, travel and tourism work in Europe suffered a 9.3 percent drop, leaving 3.6 million people working in the industry unemployed.

The WTTC, in its latest report, which focuses on the impact of travel restrictions on the global economy, and job losses around the world, showed that the Asia-Pacific region was the region most affected by the coronavirus pandemic.

The contribution of the travel and tourism sector in the Asia Pacific region to GDP decreased by 53.7 percent compared to the global decline of 49.1 percent.

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

Employment in travel and tourism in the Asia Pacific region decreased by 18.4 percent, which means that a total of 34.1 million people lost their jobs in 2020.

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

“The council’s data reveal the devastating impact of the pandemic on travel and tourism around the world,” said Virginia Messina, Senior Vice President of WTTC.

Messina noted that “the WTTC believes that governments around the world should benefit from the launch of vaccines, which can significantly ease travel restrictions on travel, and help fuel the broader global economic recovery.”

According to a WTTC report, travel and tourism in Africa has declined by 49.2 percent over the past year.

The same source revealed that domestic spending decreased by 42.8 percent, while international spending decreased by 66.8 percent.

Due to the coronavirus pandemic, a total of 7.2 million people in Africa have been left unemployed and in a dire situation.

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

While domestic spending fell by 42.8 percent, international spending fell by 70.3 percent due to travel restrictions and other preventive measures imposed to stem the spread of the deadly virus.

The WTTC revealed in its report: “The region, which was highly dependent on international tourism in 2019, saw international spending as a share of total travel and tourism spending drop from 62 percent of the total in 2019 to just 46 percent in 2020.” recent report.

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

Recently, figures from the latest edition of the United Nations Travel Restrictions Report showed that a total of 29 percent of destinations worldwide are keeping their borders closed to international tourism, since June 1, due to the coronavirus pandemic situation. .

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Source: schengenvisainfo.com

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