- World Travel & Tourism Council releases new Economic Trends Report.
- COVID-19 pandemic saw Asia-Pacific region suffer the greatest GDP losses.
- America’s the least hit, saved by a strong domestic recovery.
Asia Pacific was the region hit hardest by the COVID-19 pandemic according to the new annual Economic Trends Report from the World Travel & Tourism Council (WTTC).
The report reveals the full dramatic impact of travel restrictions designed to curb COVID-19 on the global economy, individual regions, and its job losses worldwide.
Asia-Pacific was the worst performing region, with the sector’s contribution to GDP dropping a damaging 53.7%, compared to the global fall of 49.1%.
International visitor spending was particularly hard hit across Asia Pacific, falling by 74.4%, as many countries across the region closed their borders to inbound tourists. Domestic spending witnessed a lower but equally punishing decline of 48.1%.
Travel & Tourism employment in the region fell by 18.4%, equating to a shocking 34.1 million jobs.
However, despite this decline, Asia-Pacific remained the largest region for the sector’s employment in 2020, accounting for 55% (151 million) of all global Travel & Tourism jobs.
Virginia Messina, Senior Vice President WTTC, said: “WTTC data has laid bare the devastating impact the pandemic has had on Travel & Tourism around the world, leaving economies battered, millions without jobs and many more fearing for their future.
“Our annual Economic Trends Report shows just how much each region has suffered at the hands of the crushing travel restrictions brought in to control the spread of COVID-19.