Latin America’s battered tourism sector to see $230 billion in losses this year: WTTC By Reuters

Latin America's battered tourism sector to see $230 billion in

© Reuters. FILE PHOTO: Surfer crosses a stream at El Tunco beach in Tamanique

MEXICO CITY (Reuters) – The coronavirus pandemic is this year expected to trigger 12.4 million job cuts and losses worth $230 billion in the decimated tourism industry in Latin America and the Caribbean, according to the president of the World Travel and Tourism Council (WTTC).

Tourism has been brought to its knees by collapsing demand on the back of travel restrictions imposed to curb the spread of the virus, which has infected more than 27 million people globally and killed nearly 900,000.

The hit from the pandemic would leave the industry in Latin America and the Caribbean barely a third the size it was last year, according to the data from WTTC, the main global forum representing tourism.

Job losses will be of a similar scale, the group forecasts.

“There is no country that escapes,” Gloria Guevara, president of the group, told Reuters in an interview this week.

In Mexico, the country that receives the most visitors in Latin America, the tourism sector is expecting to rack up losses worth $129 billion. Almost five million people are expected to lose jobs, equating to about 69% of the work force in Mexican tourism.

Guevara said the industry has complained about the lack of support from Mexico’s government.

Globally, the pandemic threatens to trigger losses worth $5.5 trillion in tourism and 197.5 million job losses, the WTTC says.

The sector has been further hamstrung by a lack of standardised protocols to manage travel when borders reopen, including issues such as airport testing to give tourists greater confidence and help accelerate the recovery, Guevara said.

“Unfortunately there has been very little international coordination,” she said.

Guevara said she expected the recovery to take 18 months if there is global collaboration and the appropriate measures are taken.

“If not, on average, it will easily be three or four years.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.