UN: COVID-19 restrictions cost $3.3 trillion to the global tourism industry

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As per the global tourism revenue report, ‘COVID-19 and Tourism’ released by The United Nations Conference on Trade and Development, it is expected that the industry might incur a colossal loss of $3.3 trillion due to COVID-19 restrictions.

“International tourism has been almost totally suspended, and domestic tourism curtailed by lockdown conditions imposed in many countries. Although some destinations have started slowly to open up, many are afraid of international travel or cannot afford it due to the economic crisis”, said the report.

It is estimated that the revenues might fall up to $1.17 trillion, $2.22 trillion, and $3.3 trillion respectively, or between 1.5-4.2 percent of the world’s gross domestic product. With the United States leading the chart with a total loss of $187 billion revenue in just four months, followed by China with $105 billion, Thailand, and France with $47 billion each.

Perhaps, a challenge to the tourism industry to combat this unprecedented time with their diverse business strategies.