09 Apr 2021
The World Travel & Tourism Council’s (WTTC) annual Economic Impact Report reveals the global travel and tourism sector suffered a loss of almost US$4.5 trillion ($5.9 trillion) in 2020.
The annual report also shows the sector’s contribution to GDP dropped 49.1 per cent, representing a significant decrease compared to the overall global economy, which dropped by 3.7 per cent last year.
Altogether, the sector’s contribution to global GDP plummeted to US$4.7 trillion ($6.14 trillion) in 2020, representing 5.5 per cent of the global economy, from nearly US$9.2 trillion ($12 trillion) the previous year, when it represented 10.4 per cent of the global GDP.
In 2019, when global travel and tourism were thriving and generating one in four of all new jobs around the world, the sector contributed 10.6 per cent (334 million) jobs globally, according to the WTTC.
WTTC Research Reveals Travel & Tourism Sector s Contribution To Germany s GDP Dropped A Staggering €161 Billion In 2020
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