(MENAFN) A new report released by the global consultancy McKinsey indicated that world-wide tourism sector might face an increasing fall of USD8.1 trillion in spending due to the Cronoavirus outbreak.
The consultancy stated that global tourism domain will most probably not reach the same level of spending that it got to last year until 2024.
"Our tourism recovery model forecasts a cumulative drop of $3tn to $8tn before tourism expenditure returns to pre-Covid-19 levels," the McKinsey report portrayed. "Recovery will be slow and driven by the underlying dependencies countries had on domestic and non-air travel. Different countries should prepare for their own recovery curves."
The recent Covid-19 outbreak gravely impacted the travel and tourism field world-wide, not to mention the lockdowns and curfews that were implemented in several countries. To make matters worse, the sector is recovering slowly because of the reduced incomes and travel restrictions.
The United Nations Conference on Trade and Development predicted back in July that if the break in global tourism lasts for eight months, then the loss generated will be worth USD2.2 trillion to the tourism field which is the equivalent of 2.8 percent of the world's gross domestic product
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