Detail Analysis: Effects on Tourism Industry Due To COVID-19

Tourism has entered into a great crisis due to the worldwide panic of the Corona Virus pandemic. Till this moment of time its duration and scope still unknown which is creating a great destruction in the economy of the most of the countries. This has also lead to the stock market crash continued for a week to all the giants of the sector in different countries. One of the point which comes in the mind of most of the people is the impact of the COVID-19 Corona Virus on world tourism. This is one of the unanswerable question for us, and the authorities' forecasts are based on previous experiences with similar crises such as that of H1N1 and SARS and many other dreadful diseases. Let us discuss the impact of COVID-19 corona virus on the tourism industry of different countries.

Effect on Tourism Industry of different countries.

Let us first check the contribution of tourism industry in the GDP of the top countries.

• United States ($488 billion)
• India ($230 billion)
• China ($224 billion)
• Germany ($130.8 billion)
• United Kingdom ($103.7 billion)
• France ($89.2 billion)
• Italy ($76.3 billion)
• Spain ($68.8 billion)
• Brazil ($56.3 billion)

Most of the countries in this list are the one having the beat medical facilities in the world. They are having a huge GDP and this is all possible due to the big contribution of tourism industry in their country. There is a drastic effects on Tourism Industry due to COVID-19. We can calculate from this stats that many of the people will be going to refuse or going to reschedule their plan of vacations due to this pandemic in these countries, which are adversely affected.

China was the first country to suffer from this dreadful pandemic and so China’s tourism industry will be most affected due to the virus. The Chinese tourism industry represents 11% of their GDP and even growing in the last few years, will be going to get worst affected even after many years of this pandemic.

Also Read: How Startups are Building Products to fight COVID-19?

In 2020, Italy is expected to see a decrease of roughly 28.5 million tourist arrivals due to the impact of (COVID-19) coronavirus pandemic on the country's tourist sector the GDP of the whole country. Same situation will also be there in Spain for few, till this situation gets controlled by us. According to the estimate, some of the parts of Italy like the region of Veneto can record the highest drop with a decrease of roughly 4.61 million arrivals due to this pandemic. Similarly, Lombardy is expected to register a decrease of about 3.87 million arrivals in 2020 which can change the future of the whole country.

Effect on Tourism Industry and other businesses connected with it

There are many other businesses which are drastically effected by Tourism Industry due to COVID-19.The tourism industry is connected with many other businesses like Hotels, airlines, and cruise operators which are also going to suffer. The pandemic has outbreak during the Lunar New Year which is one of the busiest travel seasons in Asia- the largest continent and thus a bigger source of investment in tourism industry.

Also Read: Flight Rates Drop due to Coronavirus Outbreak

The impact of the Corona Virus can be seen on different companies working in this sector only either directly or indirectly but are facing the global cancellations of trips, public events, temporary employment adjustments, and falls in income.

As a result of (COVID-19) coronavirus pandemic, it I predicted by most of the market leaders that the global travel and tourism market is going to see a loss of 75.2 million jobs worldwide in 2020 due to almost no business in this sector. The region that is supposed to see the biggest loss from COVID-19 is the Asia Pacific region which can see a lose of approximately 48.7 million jobs, while European countries is forecast to be the second hardest hit with a forecasted employment drop of 10.1 million due to this pandemic.