Global job losses from the Covid-19 crisis could far exceed 100 million, with China, India and the US expected to be the hardest hit as these countries stand to lose almost 40 million jobs, according to new data.
Travel and tourism are a significant part of the global economy, with market values counted in trillions of dollars. In 2019, the markets accounted for 10.4% of global gross domestic (GDP) product, and nearly 10% of jobs. But the coronavirus changed that in just a few months, data gathered by LearnBonds revealed.
With governments and health officials warning people to stay at home, for the first time in history, the global travel and tourism industry completely stopped. Companies operating in these markets have taken a huge financial hit, forcing them to cut expenses and workers.
As the most-affected region in the world, Asia could lose up to 63.4 million jobs in the travel and tourism sector. Europe ranked second with 13 million potential losses. North America, Africa, and Latin America follow with 8.2 million, 7.6 million and 4.7 million, respectively. Statistics show that the Middle East and the Caribbean are forecast to face the lowest employment loss, with 2.6 million and 1.2 million lost workers.
Looked at by country, China’s travel and tourism industry is set to lose the most employees. Before the coronavirus outbreak, China counted more than 29 million jobs across the two sectors. With a potential loss of 9 million jobs or one-third of the total number of workplaces in 2019, India ranked as the second most-affected country in the world.
As one of the largest tourism markets globally, the US is also expected to witness a colossal employment loss. In 2019, the country had more than 5.9 million people working in the travel and tourism industry. However, this number is expected to plummet by 80%, with more than 4.7 million jobs at risk, it said.