Coronavirus: 1M jobs lost every day in travel, tourism
As many as one million jobs is being lost every day in the travel and tourism sector due to coronavirus outbreak in less than two weeks, according to the latest research from an industry group on Wednesday.
Up to 75 million jobs are at immediate risk, the World Travel and Tourism Council (WTTC) said, corresponding a 50% rise from its previous study.
The figure, due to the sweeping effect of the pandemic, indicates a $2.1 trillion travel and tourism GDP loss globally this year.
The council also revealed the depth of the crisis for individual regions.
Asia-Pacific is expected to be most heavily impacted with up to 49 million jobs at risk throughout the region, representing a loss of nearly $800 billion, it said.
European tourism and travel sector is projected to see 10 million jobs at risk, totaling a loss of nearly $552 billion.
The Americas are also expected to be hit hard by this crisis, with the United States, Canada and Mexico expected to lose up to $570 billion combined, with nearly seven million jobs in the sector at risk.
Gloria Guevara, the group's CEO, blamed governments that failed to react quickly enough to come to the aid of a sector.
"If urgent action is not taken within the next few days, the sector faces an economic meltdown from which it will struggle to recover and plunge millions of people dependent upon it for their livelihoods into debt," she said.
Guevara warned the contraction in travel and tourism will create a "domino effect" resulting in massive job losses across the entire supply chain.
"We call on all those in positions of power to help the powerless and enact policies to support and sustain a sector which is a driving force of the global economy and responsible for generating one in five of all new jobs," she added.
The report underlined that Germany is set to be the most affected country in Europe, with almost 1.6 million jobs at risk, followed by Russia with an estimated 1.1 million in potential job losses.
Travel and Tourism contributes to 10.4% of Global GDP and is directly responsible for generating one in 10 of the world's jobs, and for eight successive years, has outpaced the growth of the global economy.