April 15 - The World Travel & Tourism Council’s annual Economic Impact Report (EIR) reveals that the dramatic collapse of Italy’s Travel & Tourism sector has wiped out a staggering €120.6 billion from the nation’s economy.

 

The annual EIR from the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, shows the sector’s impact on GDP dropped 51%.

 

Following three consecutive years in which the Travel & Tourism sector’s growth outpaced that of the overall economy, its contribution to the nation’s GDP fell from €236 billion (13.1%) in 2019, to €116 billion (7%), just 12 months later, in 2020.

 

The year of damaging travel restrictions which brought much of international travel to a grinding halt, resulted in the loss of 337,000 Travel & Tourism jobs across the country.

 

WTTC believes the true picture could have been significantly worse, if not for the government’s job retention schemes, which offered a lifeline to thousands of businesses and workers. However, this is hiding the real extent of the losses and the devastating social impact they could bring.

 

These job losses were felt across the entire Travel & Tourism ecosystem in the country, with SMEs, which make up eight out of 10 of all global businesses in the sector, particularly affected.

 

Furthermore, as one of the world’s most diverse sectors, the impact on women, youth and minorities was significant.

 

The number of those employed in the Italian Travel & Tourism sector fell from 3.5 million in 2019, to nearly 3.2 million in 2020 - a drop of 9.6%. However, due to the government’s generous job retention scheme, this figure was significantly lower than the global average decline of 18.5%.

 

The report also revealed domestic visitor spending declined by 49.6%, while international spending fared even worse, due to more stringent travel restrictions, causing a fall of 62%, however lower than the global average fall of almost 70%.

 

WTTC says the key to unlocking safe international travel can be achieved through a clear and science-based framework including rapid testing before departure, as well as enhanced health and hygiene protocols, including mandatory mask wearing.

 

WTTC also supports the introduction of a health pass such as the European Commission’s Digital Green Certificate, which would further enable mobility in the region.

 

These measures will be the foundation to build the recovery of the many millions of jobs lost due to the pandemic.

 

It would also reduce the terrible social implications these losses have had on communities reliant on Travel & Tourism and upon ordinary people who have been isolated by COVID-19 restrictions.

 

 

---

More Travel News:

WTTC research reveals Travel & Tourism sector’s contribution to France’s GDP dropped by €103 billion in 2020
Turkish Airlines flies to more countries than any other carrier
Statement on US Centers for Disease Control Study
Beaches Resorts recertified as an Advanced Certified Autism Center