September 3 - A devastating €36.7 billion looks set to be lost from the Italian economy due to the collapse of international travel during 2020, according to latest research conducted by the World Travel & Tourism Council (WTTC).

 

WTTC, which represents the global Travel & Tourism private sector, says the massive decline in the number of international travellers and tourists visiting Italy, due to the COVID-19 pandemic, could result in international visitor spending dropping by a staggering 82%.

 

This catastrophic loss to the Italian economy equates to a shortfall of €100 million a day, or €700 million a week, to the country’s economy.

 

WTTC and its Members recently called upon Prime Minister Giuseppe Conte and the other leaders of the G7 countries, to urge for a coordinated approach to be taken to lead the global recovery response to the crisis.

 

The harsh impact on Italian Travel & Tourism is laid bare by WTTC as the economic fallout from coronavirus continues to burn its way through the sector. Some 2.8 million jobs in Italy which are supported by Travel & Tourism are at risk of being lost in a ‘worst case’ scenario mapped out by WTTC economic modelling.

 

Across Europe, in the ‘worst case’ scenario, that figure rises to more than 29m (29.5m) Travel & Tourism jobs.

 

According to WTTC’s 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for almost 3.5 million jobs in Italy, or 14.9% of the country’s total workforce. It also generated €232.9 billion GDP, or 13% to the Italian economy.

 

A further breakdown reveals how crucial spending from international travellers during 2019 was to the Italian economy. Every month it accounted for €3.74 billion or €861 million a week – and €123 million a day.

 

Between 2016 and 2018, the largest inbound source markets to Italy were travellers from the Germany, accounting for one in five (20%) of all international arrivals, with the US and France both coming in second with 8%, and the UK in third place with 6%.

 

Data for 2018, which is the most up-to-date available, shows how Rome is dependent on international visitor spending. It accounted for 66% of all tourism spending in the city, with domestic tourists making up the remaining 34%.

 

The US was the most important source market for the city with 18% of arriving visitors, with Spain in second place with 8% of arrivals, the UK in third place with 7% of arrivals, and Germany in fourth position with 6%.

 

The loss of this international visitor spending could have a profound long-term impact on the Italian capital for years to come.

 

According to WTTC’s 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for one in 10 jobs (330 million total), making a 10.3% contribution to global GDP and generating one in four of all new jobs.

For more information, please visit wttc.org

 

 

---

More Travel News:

AMResorts honored with two awards by Expansión Magazine
New reopening dates for nine Palladium Hotel Group properties
United Airlines permanently eliminates change fees
Palladium Hotel Group is now open in Costa Mujeres!