Global tourism loses $320 billion in 5 months due to virus

Tourism accounts for close to 7% of global trade and is the third largest export sector in the global economy, with the shutdown causing a $320 billion loss, while affecting 120 million jobs - one in every 10 people.

The $320 billion loss is an alarming figure by itself, but more so when stacked beside the numbers from the last financial crisis - 2009 - they are thrice as worse.

If the third largest export business is shut, the global GDP is bound to take a hit, with experts predicting a 1.5% to 2.8% dip and losses of $1.2 trillion by the end of the year.

Tourism’s dip is also expected to drag down associated sectors, taking with it 144 million jobs in sectors like food service and hospitality.