COVID19 – World Tourism Suffers
Local and Foreign Tourism was bound to take a huge hit when travel restrictions due to coronavirus happening and the UN reports that the coronavirus crisis cost the global tourism sector $320 billion in lost revenue during the first five months of 2020, threatening the livelihoods of millions of people.
The amount of revenue lost between January and May is “more than three times the loss during the Global Financial Crisis of 2009. This is all because International tourist arrivals fell by 300 million during the period, or 56 percent, as lockdown restrictions to control the spread of COVID-19 hammered the travel sector.
The last time international tourist arrivals posted an annual decline was in 2009 when the global economic crisis led to a four percent drop.