The U.S. economy is losing a whopping $3 billion per week in lost tourism dollars, with estimates of total losses for the 2020 year around $155 billion, according to a new report via the World Travel and Tourism Council (WTTC).
“The lack of international visitors to the U.S. due to the pandemic could wipe out more than $155 billion from the U.S. economy alone – a loss of $425 million a day – from which it may take years to recover. It could also threaten New York’s position as one of the world’s premier hubs for business and leisure travel,” warned Gloria Guevara, WTTC President & CEO.
This catastrophic loss to the American economy could eliminate upwards of 12 million jobs.
One of the first casualties of the virus-induced downturn crushing the U.S. hotel industry is Hilton Times Square, announcing Aug. 31, it will shutter operations on Oct. 1, laying off more than 200 workers.
WTTC’s Economic Impact Report said 16.8 million jobs in 2019 were supported by the travel and tourism industry, or about 10.7% of the entire US workforce.
Guevara said the downturn impacts millions of households as their livelihoods depend on tourism jobs, but with no “V-shaped” recovery for several years, this is an ominous sign that deep economic scarring and widespread permanent job loss is developing. – READ MORE
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