Travel industry could lose USD 1 trillion due to coronavirus pandemic

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Open source

The restrictive measures imposed by governments across the world aimed to prevent the spread of the virus and reduce the demand for travel may cause USD 1 trillion loss to the global travel industry in 2020. This was announced by the head of the Institute of the World Tourism Forum Bulut Bağcı.

“Now the economic losses in the global tourism market have already reached USD 600 million due to the COVID-19 outbreak, and can reach USD 1 trillion by the end of the year,” Mr. Bağcı said, referring to the institute data.

In general, the tourism industry averages about USD 1.7 trillion annually. That is, a USD 1 trillion drop means a 58% shortage for the market.

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