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Global tourism lost $320 billion in five months: U.N.

  • IASbaba
  • August 27, 2020
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Global tourism lost $320 billion in five months: U.N.

Part of: GS-Prelims and GS-III – Economy; Employment

In News:

  • According to the United Nations, the global tourism industry has lost $320 billion in exports in the last five months and more than 120 million jobs are  at risk. 

Key takeaways 

  • Export revenues from tourism could fall by $910 billion to $1.2 trillion in 2020. 
  • It could reduce global GDP by 1.5% to 2.8%.
  • Jobs in associated sectors, including food service, that provide employment for 144 million workers worldwide are also at risk.
  • Tourism is the third-largest export sector of the global economy, behind fuels and chemicals. 
  • It is an emergency situation particularly for many small island developing states and African countries.

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