Global Tourism Industry Loses $320 Billion In 5 Months: U N
The global tourism industry has suffered a significant loss in the Coronavirus (Covid-19) pandemic. The third-largest export sector of the global economy lost $320 billion in five months of the epidemic.
On Tuesday, UN Secretary-General Antonio Guterres announced the same. In a virtual conference, he said that the tourism industry is the most significant sector of the global economy after fuel and chemicals. In 2019, 7 percent of international trade came from the industry.
Guterres said one of every ten people is involved in this trade, and the livelihood of millions of people is mostly dependent on this sector. In addition to growing the economy, it allows people to see the world’s culture and natural sources. Rings people to each other.
It develops us as a human by extending unconditional love to each living being on earth.
The UN Secretary-General said the global tourism had fallen more than half in the first five months of 2020 due to the pandemic. It is a massive stroke for developed countries, but it has created critical conditions for developing countries such as small Islands in developing countries and African countries.
He said tourism in a few countries represents more than 20% of their GDP. Sandra Carvao, The UN world Tourism organization’s chief of market intelligence and competitiveness at the peak of the last global financial crisis, the loss of 20.32 billion in export from January to May 2009 was more than three times what it lost.
According to the policy briefing, the tourism industry’s export revenue falls from 91 trillion to 120 billion this year. If that happens, global GDP could fall by 1.5% to 2.8%.
The loss of the tourism industry will affect not only this sector but also the sectors concerned. One forty-four million people worldwide will be at risk of losing their jobs, even small business, as are most at risk.
Guterres said tourism also plays a vital role in preserving natural and cultural heritage worldwide, and 7% of tourism has a connection with wildlife. Losses in this sector have increased wildlife poaching and the destruction of nature.