Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Tourism Suffered Massive Losses In 2020

This is a syndicated repost courtesy of Statista | Infographics. To view original, click here. Reposted with permission.

New data released by the World Travel & Tourism Council reveals the crippling impact the pandemic had on global tourism last year. The travel and tourism sector suffered global losses of nearly $4.5 trillion with its contribution to GDP plunging by a staggering 49.1 percent compared to 2019. 62 million jobs were lost in the sector last year while domestic visitor spending and international visitor spending fell by 45 percent and 69.4 percent, respectively.

In the United States alone, losses amounted to some $766 billion with tourism and travel’s contribution to national GDP falling from 8.6 percent to 5.3 percent. China also posted a mammoth loss of just under a trillion dollars with the sector’s contribution to GDP dropping from 11.6 percent to 4.5 percent.

This chart shows travel and tourism’s contribution to and share of national GDP.

travel and tourism's contribution to gdp

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.