In this undated photo, beachgoers enjoy the sun and sand in Croatia. (PHOTO / IC / CHINADAILY.COM.CM)

The global tourism industry will lose at least US$1.2 trillion this year amid crippling travel restrictions and consumer wariness during the coronavirus pandemic, according to a report Wednesday from the United Nations Conference on Trade and Development (UNCTAD).

The collapse of tourism could cost Jamaica 11 percent of its gross domestic product and reduce Thailand’s GDP by 9 percent, UNCTAD said

The losses, equal to 1.5 percent of the world economy, could balloon to US$3.3 trillion if the hit to international leisure travel persists until March 2021, with the harshest effects afflicting developing and island nations, according to the Geneva-based agency’s report.

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The collapse of tourism could cost Jamaica 11 percent of its gross domestic product and reduce Thailand’s GDP by 9 percent, UNCTAD said. Other hot spots like Kenya, Egypt and Malaysia could lose more than 3 percent of their GDP, it added.

Relying on Tourists

The lost revenue may translate into a sharp rise in unemployment in those countries with the potential for wages to drop by 12 percent in Thailand, 11 percent in Jamaica and 9 percent in Croatia.

According to the report, wealthier nations with more diversified economies like France, Greece, Italy, Portugal, Spain and the US also stand to lose billions of dollars in tourism revenue.

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