• Advertise
  • About us
  • Terms and Conditions
  • Contact us
Thursday, July 10, 2025
Australian Times News
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia
No Result
View All Result
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia
No Result
View All Result
Australian Times News
No Result
View All Result
Home News

Tourism losses due to pandemic could hit US$3.3-trillion says UN

UN body paints a grim picture of the massive losses being suffered by the global tourism industry and the impact on national economies.

Mike Simpson by Mike Simpson
01-07-2020 20:31
in News
Photo by Ilnur Kalimullin on Unsplash

Photo by Ilnur Kalimullin on Unsplash

The global tourism industry could lose as much as US$3.3-trillion as a result of the pandemic and the worldwide travel shutdown.

This is according to the ‘Covid-19 and Tourism’ report released by The United Nations Conference on Trade and Development (UNCTAD) in Geneva on Wednesday 1 July.

Projections cover three possible scenarios

The projections in the report are based on three possible scenarios: a lockdown lasting four months; a lockdown lasting eight months; and one lasting 12 months.

In those scenarios, revenues would fall US$1.17-trillion, US$2.22-trillion or US$3.3-trillion. This equates to between 1.5-4.2% of the world’s GDP.

The report’s authors do not say which of the three they believe to be the most likely.

Collapse in tourism will devastate many economies

“These numbers are a clear reminder of something we often seem to forget: the economic importance of the sector and its role as a lifeline for millions of people all around the world,” said UNCTAD’s director of international trade, Pamela Coke-Hamilton.

“For many countries, like the small island developing states, a collapse in tourism means a collapse in their development prospects. This is not something we can afford,” she added.

Developing countries could suffer the steepest GDP losses (see figure). Jamaica and Thailand stand out, losing 11% and 9% of GDP respectively in the most optimistic scenario of UNCTAD’s estimates.

AlsoRead...

The Broker who says ‘Yes’ when Banks say NO

The Broker who says ‘Yes’ when Banks say NO

8 July 2025
Leading with Trust: Why Quality still wins in the AI Era

Leading with Trust: Why Quality still wins in the AI Era

5 June 2025
Source: UNCTAD report

Other tourism hotspots such as Kenya, Egypt and Malaysia could lose over 3% of their GDP.

Many rich nations will also feel the economic squeeze

But the tourism sector in many rich nations will also feel the squeeze. Popular European and North American destinations – including France, Greece, Italy, Portugal, Spain and the United States – could lose billions of dollars due to the dramatic drop in international tourism, according to UNCTAD forecasts.

The US incurs the highest losses in all three scenarios, with a US$187-billion decrease in the best-case scenario lasting four months, followed by China with a US$105-billion drop.

Thailand and France also stand to lose approximately US$47-billion each.

America’s loss in the worst-case scenario is US$538-billion, or 3% of GDP.

Pandemic-induced losses hit many sectors of the economy

Travel and tourism account for a significant share of global GDP and more than half of many countries’ national income, the report states.

Coronavirus-induced losses in tourism have a knock-on effect on other economic sectors that supply the goods and services travellers seek while on vacation, such as food, beverages and entertainment.

UNCTAD therefore estimates that for every US$1-million lost in international tourism revenue, a country’s national income could decline by US$2-million to US$3-million.

The massive fall in tourist arrivals has also left a growing number of skilled and unskilled workers unemployed or with less income.

DMCA.com Protection Status

SUBSCRIBE to our NEWSLETTER

[mc4wp_form id=”2384248″]

Don't Miss

The Broker who says ‘Yes’ when Banks say NO

by Pauline Torongo
8 July 2025
The Broker who says ‘Yes’ when Banks say NO
Business & Finance

When faced with constant loan rejection or last-minute withdrawals of support, Trelos Finance stands out as a solution.

Read more

Common Mistakes When Buying a Telescope — And How to Avoid Them

by Fazila Olla-Logday
1 July 2025
Common Mistakes When Buying a Telescope
Technology

You’ve spent hours scrolling through telescope specs online, dazzled by features and grand promises. The excitement builds—until your newly arrived...

Read more

From Portugal to Bali: Where Aussies Should Go for Your Next Coastal Holiday

by Fazila Olla-Logday
20 June 2025
Source: Flickr
Travel

Aussies, here is a guide to where you should go for your next coastal holiday.

Read more

Leading with Trust: Why Quality still wins in the AI Era

by Pauline Torongo
5 June 2025
Leading with Trust: Why Quality still wins in the AI Era
Business & Finance

If you're leading a software team today, you've likely noticed the shift: faster feature rollouts, routine automation, and AI taking...

Read more

How to Save on Airport Parking: Budget Tips Every Traveller Should Know

by Fazila Olla-Logday
3 June 2025
How to Save on Airport Parking
Travel

Saving money on airport parking can be a challenge,but here are some budget friendly tips to help you navigate.

Read more

Why Australian Investors are Betting on the Aviation Maverick Louis Belanger-Martin

by Pauline Torongo
28 May 2025
Why Australian Investors are Betting on the Aviation Maverick Louis Belanger-Martin
Business & Finance

Bélanger-Martin’s ambitions stretch beyond redefining inflight comfort—they’re rooted in resurrecting the romance of supersonic travel with a modern twist.

Read more

Why a Gluten Free Hamper is simply the Best Gift for a Coeliac

by Fazila Olla-Logday
22 May 2025
Gluten Free Hamper
at

Buying a thoughtful gift can be tricky at the best of times, but when someone has dietary restrictions like coeliac...

Read more
Load More

Copyright © Blue Sky Publications Ltd. All Rights Reserved.
australiantimes.co.uk is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. DMCA.com Protection Status

  • About us
  • Write for Us
  • Advertise
  • Contact us
  • T&Cs, Privacy and GDPR
No Result
View All Result
  • News
    • Weather
    • Sport
    • Technology
    • Business & Finance
      • Currency Zone
    • Lotto Results
      • The Lott
  • Lifestyle
    • Entertainment
    • Horoscopes
    • Health & Wellness
    • Recipes
  • Travel
  • Expat Life
  • Move to Australia

Copyright © Blue Sky Publications Ltd. All Rights Reserved.
australiantimes.co.uk is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. DMCA.com Protection Status