By John Smith • 20 August 2020 • 11:36
VISA WAIVER processing firm, Official-esta.com has undertaken a review into which countries have suffered the biggest revenue loss, as well as highest percentage of GDP (Gross Domestic Product) lost in order to consider the affect that Covid-19 had on world tourism.
As can be seen below, the USA is by far the worst affected country with at least $30 (€25.4) billion disappearing from the economy but number two in the chart is Spain with a still massive $9.74 (€8.23) billion loss although it is closely followed by France with Thailand in fourth place.
Rank Country Revenue Loss in Billions
1 United States $30.7 (€25.4)
2 Spain $9.74 (€8.23)
3 France $8.77 (€7.37)
4 Thailand $7.82 (€6.57)
5 Germany $7.22 (€6.06)
6 Italy $6.18 (€5.19)
7 UK $5.81 (€4.88)
8 Australia $5.67 (€4.76)
9 Japan $5.42 (€4.55)
10 Hong Kong $5.02 (€4.21)
In 2019, global travel and tourism contributed $8.9 (€7.6) trillion to the world’s GDP, yet due to the current pandemic the financial impact of Covid-19 on world tourism has resulted in a total revenue loss of $195 billion worldwide in the first four months of 2020.
Smaller countries in the Caribbean, Indian and Pacific Oceans which have little industry and rely heavily on tourism have seen the most dramatic drop in GDP with British Overseas Territory Turks and Caicos Islands, relying as it does on high value US tourism losing 9.2 per cent.
Jayne Forrester, Director of International Development at Official ESTA comments: “The last few months have undoubtedly been extremely difficult for the travel and tourism industry. In the midst of the global pandemic, many popular holiday destinations have had to close their borders to tourists and the financial impact this has brought on world tourism has not only impacted all countries around the world but also airlines and travel operators.”
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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