October 2020 \ Business & Investment \ TOURISM AND HOSPITALITY INDUSTRY

According to a report published by the World Tourism ...

By Nayan Chakravarty

According to a report published by the World Tourism Organization (UNWTO), a specialized agency of the United Nations, there were approximately 1.4 billion international tourist arrivals in the year 2018. In terms of revenues, it is about US$ 1.7 trillion—roughly 2% of global GDP.

Border closures mandated by the COVID-19 pandemic brought international travel to a grinding halt, and the tourism and hospitality industry witnessed unprecedented erosion in revenue and employment.

On September 27, 2020, amid indefinite restrictions on international travel, the UNWTO, in association with Google, unveiled a virtual tour of select landmarks across the globe to commemorate World Tourism Day. On this occasion, the agency reiterated the need to stay safe indoors till a more conducive time for travel.

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