Global tourism lost $320 billion in five months: U.N.
Part of: GS-Prelims and GS-III – Economy; Employment
- 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.
- 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.