London, UK - A staggering 48 billion looks set to be lost from the French economy due to the collapse of international travel during 2020, according to 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 France due to the COVID-19 pandemic, could result in international visitor spending dropping by a staggering 82%.
This catastrophic loss to the French economy equates to a shortfall of 131.2 million a day, or 918 million a week, to the country's economy.This deeply worrying news comes after the UK removed France from its quarantine free list, with British holidaymakers returning from France now needing to quarantine for 14 days when arriving back to the UK.
This blanket measure will have a massive economic impact on both French and the UK economies, with WTTC predicting the UK is set to lose 22 billion from its economy due to the collapse of international travel this year.
The severe impact on the French Travel & Tourism sector is laid bare by WTTC as the economic fallout from coronavirus continues to ravage the sector. More than two million jobs (2.1m) in France 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.
This comes as France recently announced considering imposing quarantine to UK travellers which would have a bigger impact in both economies.
According to WTTC's 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for 2.7m million jobs, or 9.4% of the country's total workforce. It also generated more than 205 billion GDP, or 8.5% to the French economy.
WTTC and its Members recently called upon President Emmanuel Macron and the other leaders of the G7 countries, urging for a coordinated approach be taken in leading the recovery response to the crisis.
Gloria Guevara, WTTC President & CEO, said: "The economic pain and suffering caused to millions of households across France, who are dependent upon a thriving Travel & Tourism sector for their livelihoods, is evident from the latest WTTC figures."
"The lack of international travel caused by the pandemic could wipe out 48 billion from the French economy alone - a loss of 131.2 million a day - from which it could take many years to recover. It could also threaten the position of Paris as one of the world's premier hubs for business and leisure travel."
"International coordination to re-establish transatlantic travel would provide a vital boost to the Travel & Tourism sector. It would benefit airlines and hotels, travel agents and tour operators and revitalise the millions of jobs in the supply chain which are dependent upon international travel."
"We urgently need to replace the ever-changing quarantine measures with rapid, comprehensive and cost-effective test and trace programmes at departure points across the country. This investment will be significantly less than the impact of blunt quarantines which have devastating and far-reaching socio-economic consequences."
"Targeted test and tracing will also rebuild consumer confidence to travel. It will enable the restoration of vital 'air corridors' between countries and regions with similar COVID-19 case rates."
"A quick turnaround test and trace system in place for all departing passengers means the government could consider reinstating travel between France and major international hubs such as London, New York, Dubai and others. Restoring business class travel between the world's top financial centres, would act as an engine to help kick-start the economic global recovery."
WTTC analysis of international travel spending in France during 2019 reveals it reached 58.6 billion, accounting for 34% of the total tourism spend in Germany. Domestic travel spending was last year responsible for the other 66%.
A further breakdown reveals how crucial spending from international travellers during 2019 was to the French economy. Every month it accounted for 4.9 billion or 1.1 billion a week - and 160 million a day.
Between 2016 and 2018, the largest inbound source markets to France were travellers from Germany and the UK, each accounting for 14% of all international arrivals, with Belgium coming in third with 12%, and Italy and Switzerland in joint fourth place with 8% each.
Data for 2018, which is the most up-to-date available, shows how dependent Paris in particular is on international visitor spending. It accounted for almost three quarters (74%) of all tourism spending in the city, with domestic tourists making up the remaining 26%.
The US was the most important source market for the city with 19% of arriving visitors, with the UK in second place with 9% of arrivals.
WTTC is the body which represents the Travel & Tourism private sector globally. Members consist of CEOs of the world's Travel & Tourism companies, destinations, and industry organisations engaging with Travel & Tourism.
WTTC has a history of 25 years of research to quantify the economic impact of the sector in 185 countries. Travel & Tourism is a key driver for investment and economic growth globally. The sector contributes US$8.8 trillion or 10.4% of global GDP, and accounts for 319 million jobs or one in ten of all jobs on the planet.
For over 25 years, WTTC has been the voice of this industry globally. Members are the Chairs, Presidents and Chief Executives of the world's leading, private sector Travel & Tourism businesses, who bring specialist knowledge to guide government policy and decision-making and raise awareness of the importance of the sector.
Visit link:
- Modern Survival Manual Surviving the Economic Collapse - December 18th, 2016 [December 18th, 2016]
- What Explains the Collapse of the USSR? - E-International ... - January 13th, 2017 [January 13th, 2017]
- Where Should the External Priorities of the Visegrd Lie? - Visegrad Insight - February 7th, 2017 [February 7th, 2017]
- PH gov't, communists urged to pursue talks even without ceasefire - Inquirer.net - February 7th, 2017 [February 7th, 2017]
- New Texts Out Now: Helga Tawil-Souri and Dina Matar, eds. Gaza as Metaphor - Jadaliyya - February 7th, 2017 [February 7th, 2017]
- Kazakhstan Going Into Soft Power Overdrive - EurasiaNet - February 7th, 2017 [February 7th, 2017]
- Economic Crash 2017 and How the Next Financial Crisis Could Be Worse Than 2008 - Lombardi Letter - February 7th, 2017 [February 7th, 2017]
- Mass incarceration and the perfect socio-economic storm - OUPblog (blog) - February 7th, 2017 [February 7th, 2017]
- Give peace a chance, not 'all-out' war, say solons, Leftist Cabinet members - InterAksyon - February 7th, 2017 [February 7th, 2017]
- Celebrating Black History: Detroit Techno icons - Mixmag - February 7th, 2017 [February 7th, 2017]
- Why 'financial inclusion' may be the wrong terminology - NewsDay - February 8th, 2017 [February 8th, 2017]
- 'Conspiracy' in peace talks collapse seen - Inquirer.net - February 8th, 2017 [February 8th, 2017]
- 2017 and beyond: Future unpredictable - Zimbabwe Independent - February 10th, 2017 [February 10th, 2017]
- Zuma's interventions will deal with white monopoly capital - Office of ANC Chief Whip - Politicsweb - February 12th, 2017 [February 12th, 2017]
- Lobster crash erodes West Coast way of life - GroundUp - February 13th, 2017 [February 13th, 2017]
- Hopes remain for revival of peace talks - Manila Bulletin - February 13th, 2017 [February 13th, 2017]
- Lobster crash erodes West Coast way of life - News24 - February 15th, 2017 [February 15th, 2017]
- Financial Black Swans Could Rock 2017 Stock Market Forecast - Lombardi Letter - February 16th, 2017 [February 16th, 2017]
- Zimbabwe: A Crisis Unfolding - Zimbabwe | ReliefWeb - ReliefWeb - February 16th, 2017 [February 16th, 2017]
- 'Bumper harvest to stop aid politicisation' - Nehanda Radio - February 16th, 2017 [February 16th, 2017]
- Zimbabwe: A Crisis Unfolding - New Zimbabwe.com - New Zimbabwe.com - February 17th, 2017 [February 17th, 2017]
- Who We Play For saving lives through athlete heart screenings - Tallahassee.com - February 18th, 2017 [February 18th, 2017]
- Terrorist resurgence - Daily Times - February 18th, 2017 [February 18th, 2017]
- Seeing Sabon Tasha in new light - Daily Trust - February 20th, 2017 [February 20th, 2017]
- Facing tragedy with courage - The News International - February 28th, 2017 [February 28th, 2017]
- Socio-Economic Collapse | Prometheism.net - Part 3 - March 1st, 2017 [March 1st, 2017]
- Rethinking Nonviolent Resistance In The Face Of Right-Wing ... - Huffington Post - March 3rd, 2017 [March 3rd, 2017]
- Vladimir Putin Isn't a Supervillain - Foreign Policy (blog) - March 3rd, 2017 [March 3rd, 2017]
- First ceiling collapse at Charlotte Maxeke in January already, claim staff - News24 - March 3rd, 2017 [March 3rd, 2017]
- Rethinking Nonviolent Resistance in the Face of Right-Wing Populism - The Wire - March 4th, 2017 [March 4th, 2017]
- Historical Materialism Versus Historical Conceptualism - Dissident Voice - March 6th, 2017 [March 6th, 2017]
- World Bank, Sokoto Govt commit N9b for rebuilding of collapsed ... - THISDAY Newspapers - March 8th, 2017 [March 8th, 2017]
- Nigeria: Sokoto Govt and World Bank pledges $28.8million for rehabilitation of collapsed Dam - Ecofin Agency: Economic information from Africa - March 9th, 2017 [March 9th, 2017]
- Time for a rebirth of Zimbabwean politics - Bulawayo24 News (press release) (blog) - April 8th, 2017 [April 8th, 2017]
- This Brexit battle is cold, hard capitalism vs. civilised, co-operative order - The New European - April 8th, 2017 [April 8th, 2017]
- Swet Shop Boys: Why white skin is no longer a safety net - Deutsche Welle - June 6th, 2017 [June 6th, 2017]
- Impact of Prez Akufo-Addo's W/A tour on economy - Graphic Online - June 6th, 2017 [June 6th, 2017]
- Important meeting for our nation's future | Deniliquin Pastoral Times - Deniliquin Pastoral Times (registration) (blog) - June 8th, 2017 [June 8th, 2017]
- Creating a Better Economy with Data Science - Stanford Social Innovation Review (subscription) - June 8th, 2017 [June 8th, 2017]
- TB Joshua : 'Investigate Fani-Kayode's claims on Synagogue building collapse' - Analyst - Pulse Nigeria - June 11th, 2017 [June 11th, 2017]
- Integration and security: Estonia's Russian-speaking minority - New Eastern Europe - June 12th, 2017 [June 12th, 2017]
- Late Matanzima celebrated as a visionary- Education, development described as his legacy - Daily dispatch - June 16th, 2017 [June 16th, 2017]
- Prof. Guy Standing: Every country can afford Universal Basic Income - EURACTIV - June 16th, 2017 [June 16th, 2017]
- Climate, social equality also behind collapse of govt formation talks: Green leader - NL Times - June 17th, 2017 [June 17th, 2017]
- Country needs USDA Rural Development - Iowa Farmer Today - June 17th, 2017 [June 17th, 2017]
- The downgrade and retirement funds: what does it mean? - African Independent - June 18th, 2017 [June 18th, 2017]
- National priorities defy convention in St Lucia - St. Lucia Times News - St. Lucia Times Online News (press release) - June 20th, 2017 [June 20th, 2017]
- Use of harmful chemicals for fish preservation harmful to consumers - Ghana News Agency - June 20th, 2017 [June 20th, 2017]
- Use of harmful chemicals for fish preservation harmful to consumers ... - BusinessGhana - June 22nd, 2017 [June 22nd, 2017]
- Op-Ed: South Africa's central bank row points to dangerous levels of intolerance - CNBCAfrica.com - June 22nd, 2017 [June 22nd, 2017]
- Collapsed bridge cut off over 5000 residents in llorin - National Accord - June 22nd, 2017 [June 22nd, 2017]
- The Wonderful World of Binary Categorizations - Geopoliticalmonitor.com - June 23rd, 2017 [June 23rd, 2017]
- Dangerous levels of intolerance exposed in Reserve Bank row - Independent Online - June 23rd, 2017 [June 23rd, 2017]
- South Africa's central bank row points to dangerous levels of intolerance - eNCA - June 24th, 2017 [June 24th, 2017]
- Reserve Bank battle points to dangerous levels of intolerance - Mail & Guardian - June 26th, 2017 [June 26th, 2017]
- There is a strong economic case to preserve future of traditional fishing - Alfred Sant - Malta Independent Online - June 27th, 2017 [June 27th, 2017]
- Empowering Women in Developing Economies - HuffPost - June 30th, 2017 [June 30th, 2017]
- Is this the end of Daesh? - Arab News - July 2nd, 2017 [July 2nd, 2017]
- Nkomo could have saved Zim: Zapu - NewsDay - July 3rd, 2017 [July 3rd, 2017]
- Govt completes inspection 1.6 lakh bridges, plans new tech - Zee News - July 3rd, 2017 [July 3rd, 2017]
- Centre claims to have completed safety audit of 1.6 lakh bridges; to work on 147 dilapidated structures - Firstpost - July 3rd, 2017 [July 3rd, 2017]
- Collapse of UT and Capital banks A case of a collective national failure (Article) - Citifmonline - August 24th, 2017 [August 24th, 2017]
- UNZA vice-chancellor lays down marker - Zambia Daily Mail - August 24th, 2017 [August 24th, 2017]
- What Makes a Terrorist? - The New York Review of Books - August 24th, 2017 [August 24th, 2017]
- How the Collapse of Venezuela Really Happened - The ... - February 18th, 2018 [February 18th, 2018]
- Socio-Economic Collapse in the Congo: Causes and Solutions - October 3rd, 2018 [October 3rd, 2018]
- Sick Bees Part 18F8: Colony Collapse Revisited ... - April 25th, 2019 [April 25th, 2019]
- Classic Maya collapse - Wikipedia - April 25th, 2019 [April 25th, 2019]
- Great Civilizations Aren't Murdered, They Commit Suicide ... - May 5th, 2019 [May 5th, 2019]
- Dollar Collapse Predictions: What Will Happen When It Happens? - May 5th, 2019 [May 5th, 2019]
- 10 Steps to Prepare for Americas Economic Collapse - May 31st, 2019 [May 31st, 2019]
- Do you really think NDC faithful would ever condemn a coup dtat? - Modern Ghana - October 1st, 2019 [October 1st, 2019]
- Economic and Institutional Restructuring for the Next Nigeria - Soludo - Proshare Nigeria Limited - October 1st, 2019 [October 1st, 2019]
- ET CEO Roundtable: Build a wealthier nation with state help, industry execution - Economic Times - October 1st, 2019 [October 1st, 2019]
- Ghanaians could well face the wrath of God should they betray the Free SHS provider! - Modern Ghana - October 1st, 2019 [October 1st, 2019]
- The Return to Power of Local Hotel Brands? | By Robert Govers - Hospitality Net - October 1st, 2019 [October 1st, 2019]
- Brexit: Systemic Risk and a Warning - Resilience - October 1st, 2019 [October 1st, 2019]
- Why is Poland's Law and Justice party still so popular? - EUROPP - European Politics and Policy - October 1st, 2019 [October 1st, 2019]
- Presidential elections in Tunisia: who are the globalists betting on? - United World International - October 16th, 2019 [October 16th, 2019]
- Kevin Taylor, youre a reporter, not an opinionist; youre guided by the rule of impartiality! - Modern Ghana - October 16th, 2019 [October 16th, 2019]