The United Nations World Tourism Organization (UNWTO) has ordered all tourism industries to a halt, the tourism industry is the most affected by the COVID 19 lockdown outbreak.
The organisation reported the pandemic earlier this week, which has now killed more than 137,000 people worldwide, will result in global foreign tourist arrivals dropping by 20-30 percent this year, down from an initial 3-4 percent growth expected in early January.
This effect is then summed into a loss of between $30-$50 billion (€27.5-€46 billion) in spending by international visitors. for example, airlines’ passenger revenue drop by $76 billion (€70 billion) year-on-year, second only to the Asia Pacific region.
The World Travel & Tourism Council has said 75 million workers are at high risk worldwide.
Most European countries all in particular depend on tourism. According to Eurostat, Italy, Spain and France — the three Member States most seriously impacted by COVID-19 — together constituted half of the total nights spent by non-residents in the EU in 2018.
They are also at the top of the EU league table when it comes to the number of companies in the tourism sector, and are home to more than half of the tourism-reliant firms in the union with Germany.
Greece is also weak, as the tourism industry employed over a third of the business economy in 2017, followed by the Mediterranean island of Cyprus (20%) and Ireland (14 per cent).
The world economy is on track to record one of its worst regressive year since the Great Depression of the 1930s according to the International Monetary Fund (IMF).
Eurozone economies will be among the top most affected with the combined GDP forecast to contract by 7.5 per cent for the 19 countries.
The three EU countries most affected will be Italy, Spain and France, which are employed to contract by 9.1%, 8.0% and 7.2% respectively.
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