The World Vacation & Tourism Council’s annual Financial Influence Report (EIR) lately discovered the remarkable impact COVID-19 experienced on the Caribbean’s travel and tourism sector, wiping out USD33,9 billion from the region’s economy.
The yearly EIR from the World Vacation & Tourism Council (WTTC), which signifies the world vacation and tourism private sector, shows the sector’s contribution to GDP dropped a staggering 58 percent, greater than the worldwide regular.
Travel and tourism’s influence on the region’s GDP fell from USD58,4 billion (14.1%) in 2019, to USD24, 5 billion (6,4 per cent), just 12 months later on, in 2020.
The year of damaging journey restrictions which brought significantly of international travel to a grinding halt, resulted in the reduction of 680,000 journey and tourism careers throughout the common holiday location, equating to virtually a quarter of all positions in the sector.
These position losses were being felt across the complete journey and tourism ecosystem, with SMEs, which make up eight out of 10 of all global enterprises in the sector, especially afflicted.
Also, as 1 of the world’s most diverse sectors, the impact on women, youth and minorities was significant.
The quantity of people employed in the Caribbean vacation and tourism sector fell from practically 2,76 million in 2019, to 2,08 million in 2020, a fall of practically a quarter (24,7 per cent).
The report also exposed domestic visitor shelling out declined by 49,6 percent, with global shell out faring even worse, slipping by 68 percent, thanks to the region’s robust reliance on worldwide vacation, with several of the islands massively impacted.
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