WTTC confirms about US $22 billion impact on world tourism due to coronavirus outbreak

Published on : Friday, February 28, 2020

Due to the drop in spending by Chinese tourists the head of the World Travel and Tourism Council stated that the deadly coronavirus epidemic will cost the world tourism at least US $22 billion.

 

The Covid-19 virus first emerged in December and had killed more than  2,760 people mostly in China infecting more than  81,000 in more than 45 countries.

 

Gloria Guevara said that it was too soon to know but the WTTC made a preliminary calculation with Oxford Economics which estimated that the crisis will cost the sector at least $22 billion.

 

Based on the experience of previous crises like Sars or H1N1 the calculation is based and it also took into consideration the losses from Chinese tourists who have not been travelling in recent weeks.

 

Chinese tourists spend the most while travelling and taking the hypothese that a  7% drop in overseas trips by Chinese nationals the loss figure is the most optimistic scenarios envisaged by the study conducted by Oxford Economics.

 

But if the crisis lasts as long Sars outbreak the losses could more than double and reach as much as $49 billion. Sars erupted in November 2002 and was brought under control in July 2003.

 

It might spiral to $73 billion if it lasted longer than that. Hong Kong and Macau, Thailand, Cambodia and the Philippines’s economies  is likely to suffer the most.

 

The World Trade Organisation urged countries to avoid taking health measures that would cause ‘unnecessary interference with international traffic and trade’. It stated that the travel restrictions should be proportionate to ensure so that they do not have negative repercussion on the tourism sector.


(No Like Yet)

Related Posts

Tags:

Comments are closed.

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  rss_logo 
ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 06 ITB Asia 2020
  • 12 ITE Hong Kong 2020
  • 13 IMEX 20
  • 16 FHC 2020
  • 16 G&A 2020
  • 16 ITB asia 2020
  • 16 TAAPE 2020
  • 17 AAA-banner 2020
  • 18 WCTIE 2020
  • 20 GWS-2020
  • 23 emitt 21
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. Forum de l’Investissement Hôtelier Africain

      July 7 - July 9
    2. DRT SHOW SHANGHAI

      July 17 - July 19
    3. SHANGHAI WORLD TRAVEL FAIR (SWTF)

      July 30 - August 2
    4. IT&CM CHINA 2020

      August 3 - August 5
    5. Asia Amusement & Attractions Expo 2020

      August 4 - August 6
Get our toolbar!
Review www.travelandtourworld.com on alexa.com