UN: Pandemic revenue loss is over eight times that of the 2009 financial crisis

COVID-19 travel restrictions have negatively impacted countries around the world this year.

Data from the United Nations World Tourism Organization show the international tourism industry lost some 730 billion dollars in revenues in the first eight months as tourist arrivals plunged.

International tourist arrivals declined by 70 percent in January to August to 700 million. In July and August alone, arrivals fell 81 and 79 percent, respectively, despite both months being traditionally the busiest of the year and the peak of the Northern Hemisphere summer season.

The UNWTO emphasized the loss in revenue is already over eight times the loss experienced during the 2009 global economic and financial crisis.

The UN agency said, “This unprecedented decline is having dramatic social and economic consequences, and puts millions of jobs and businesses at risk. This underlines the urgent need to safely restart tourism, in a timely and coordinated manner.”

Source: https://www.philstar.com/business/2020/12/05/2061518/tourism-receipts-drop-815-11-months?fbclid=IwAR34F_2foVyJu4SGDzlbMARpgXGaAk-o-vQRumce9cjTNV0lHjGIwTqrAFA

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