The new figure from the World Travel & Tourism Council (WTTC) has suggested that the travel sector could shrink by up to 25 percent in 2020.
The outbreak of COVID-19 has impacted the businesses globally and the trade body has predicted the pandemic can further put 50 million tourism jobs at the risk of getting eliminated.
The body has also confirmed that out of the 50 million jobs that could be lost, around 30 million would be in Asia, seven million in Europe, five million in the Americas and the rest in other continents.
The news comes after thousands of international flights were cancelled and some insurance firms suspended travel cover for new customers. The tourism industry has been massively affected by the spread of coronavirus, as many countries have introduced travel restrictions in an attempt to contain its spread.
The trade body is calling on governments to take several steps to protect the industry, including:
- Removing or simplifying visas where possible, as well as reducing costs
- Relaxing "unnecessary barriers" at ports and airports
- Reduce travellers' taxes such as Air Passenger Duty
- Increase budgets for promoting travel destinations.
Earlier the aviation industry was in news as it struggles with the severe impact of the pandemic. British Airways CEO also announced in media that the company is looking forward to cut jobs. Air New Zealand also announced that the company might cut 30 percent of staff as coronavirus pandemic hits travel industry hard.
By sector, airlines and cruise ships were currently being more impacted than hotels.
The equivalent to a loss of three months of global travel in 2020 could lead to a corresponding reduction in jobs of between 12 percent and 14 percent.
The tourism industry accounts for 10% of the world’s GDP and jobs.