COVID DAMAGE TO GLOBAL TOURISM IN 2020 ESTIMATED AT $1.3 TRILLION

Revenue loss in the international tourism sector in 2020 caused by a decrease in travelers crossing borders is estimated at $1.3 trillion, on the back of strict travel bans imposed by countries amid the coronavirus pandemic, a UN body said.

Last year's international arrivals fell by one billion, or 74 percent, from 2019, ensuring that the overall estimated damage was over 11 times larger than in 2009 in the wake of the global financial crisis, according to a recent press release by the World Tourism Organization (WTO), a specialized agency of the United Nations.

Due to the economic fallout from the virus spread, 100 to 120 million people have been put at risk of losing their jobs in the tourism industry, the Madrid-based body said, adding that many of them are from small and midsized business operators.

"Global tourism suffered its worst year on record in 2020," the agency, also known as UNWTO, said in the news release, citing an "unprecedented fall in demand and widespread travel restrictions" to prevent the virus from further spreading.

By region, Europe saw the largest drop in absolute numbers, with overseas arrivals down 500 million, or 70 percent, from the previous year. Meanwhile, those in Asia and the Pacific nations tumbled by 300 million, marking the sharpest decrease at 84 percent.

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