Global tourism industry may shrink by 25%, 50M jobs at stake due to Coronavirus: World Travel and Tourism Council

On Friday, in a statement the World Travel and Tourism Council said, according to its estimated, China’s coronavirus which has gone pandemic is likely to place 50 million jobs in the global travel and tourism sector at risk; it foresees international travel slumping by 25% this quarter.

The Wuhan coronavirus “clearly presents a significant threat to the industry as a whole, to those employed within it, and those wishing to continue traveling,” said the WTTC in a statement.

It went on to add, the equivalent to a loss of three months of global travel in 2020 “could lead to a corresponding reduction in jobs of between 12% and 14%”. It also called on governments to remove or simplify visas procedures wherever possible, trim travel taxes and introduce incentives once the epidemic has come under control.

The tourism industry accounts for nearly 10% of the world’s GDP and jobs.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

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