Almost 180,000 UK Travel & Tourism jobs could be lost if restrictions return, warns WTTC

Up to 180,000 jobs could be lost across the UK Travel & Tourism sector this year, if travel restrictions are reimposed this winter, according to alarming new data from the World Travel & Tourism Council (WTTC). WTTC, which represents the global private Travel & Tourism sector, made the warning after an analysis which showed the […]

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GlobalData: Indian tourists will be some of the most desirable travellers

Indian tourists will be some of the most desirable travellers, given India’s growing economy, young population and rising middle class, according to GlobalData. The leading data and analytics company notes that the country is projected to reach record levels of 29 million outbound trips by 2025 – a buoyant outlook considering the strains of COVID-19. […]

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UNWTO: Global economy could lose over $4 trillion due to COVID-19 impact on tourism

The “crash” in international tourism due to the coronavirus pandemic could cause a loss of more than $4 trillion to the global GDP for the years 2020 and 2021, according to an UNCTAD report published on 30 June. The estimated loss has been caused by the pandemic’s direct impact on tourism and its ripple effect […]

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IMF: COVID-19 Crisis Poses Threat to Financial Stability

The COVID-19 pandemic has caused an unprecedented human and health crisis. The measures necessary to contain the virus have triggered an economic downturn. At this point, there is great uncertainty about its severity and length. The latest Global Financial Stability Report shows that the financial system has already felt a dramatic impact, and a further intensification of the crisis […]

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IMF: Fiscal Policies to Contain the Damage from COVID-19

In its recent publication, the IMF suggests the appropriate Fiscal Policies to contain and mitigate the damage from COVID-19. In times of pandemic, fiscal policy is key to save lives and protect people. Governments have to do whatever it takes. But they must make sure to keep the receipts. So far, countries have taken fiscal actions […]

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IATA: COVID-19 Puts Over Half of 2020 Passenger Revenues at Risk

The International Air Transport Association (IATA) released an updated analysis showing that the COVID-19 crisis will see airline passenger revenues drop by $314 billion in 2020, a 55% decline compared to 2019. On 24 March IATA estimated $252 billion in lost revenues (-44% vs. 2019) in a scenario with severe travel restrictions lasting three months. […]

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Global Business Travel Becomes the Latest Casualty of the Coronavirus Pandemic

Business travel has become the latest casualty of the coronavirus pandemic by coming to a halt across the globe, according to the latest research conducted by the Global Business Travel Association (GBTA).  To understand the coronavirus’s effects on business travel, GBTA conducted its fifth lightning poll among membership on April 1-4, 2020.  GBTA received responses […]

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European Commission approves €1.2 billion Greek scheme providing grants for SMEs to support economy in coronavirus outbreak

The European Commission has approved a €1.2 billion Greek aid scheme to support the Greek economy in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020. Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “Small and […]

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WTTC: 75 million jobs at risk | Losses up to 2.1 trillion dollars

Up to 75 million jobs are at immediate risk in global Travel & Tourism due to the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). The alarming figure, based on research from WTTC, shows a punishing Travel & Tourism GDP loss to the world economy of up to US$2.1 trillion in 2020. […]

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WTTC: Lives being devastated and one million jobs a day being lost due to coronavirus pandemic

A staggering one million jobs are being lost every day in the Travel & Tourism sector due to the sweeping effect of the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). According to the London-based international organization, which represents the global Travel & Tourism private sector, the growing job losses are affecting […]

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