by Donald Wood
Last updated: 11:56 AM ET, Wed May 12, 2021
A new study found the United States maintained its position as the largest global Travel & Tourism market last year despite a massive COVID-19 related drop in Gross Domestic Profit (GDP) contribution.
According to the World Travel and Tourism Council's (WTTC) 2021 Economic Impact Report, the U.S. suffered a 41 percent fall in GDP contribution last year, while the second largest Travel & Tourism market, China, experienced a 59.9 percent decline during the same period.
Third-ranked Japan's GDP contribution dropped by only 37 percent. Germany and Italy rounded out the top five, respectively.
In the United Kingdom, the world's eighth biggest Travel & Tourism market reported a massive 62.3 percent decline in GDP contribution. The UK's drop was blamed on COVID-19-related travel restrictions and quarantines.
"Globally, countries experienced an average fall in GDP contribution of 49.1 percent, while the worldwide economy shrank by just 3.7 percent last year, showing how travel restrictions have dramatically reduced Travel & Tourism's contribution to economies around the world," WTTC President Gloria Guevara said.
"However, despite the travel restrictions designed to curb the spread of the pandemic, the U.S. and China maintained their respective positions as first and second biggest Travel & Tourism markets," Guevara continued.
The WTTC's Economic Impact Report showed the global Travel & Tourism sector suffered a loss of almost $4.5 trillion in 2020 due to the impact of COVID-19, with nearly 62 million jobs lost.
On Wednesday, the WTTC announced major leadership changes, including the departure of longtime CEO Gloria Guevara and her eventual replacement, Julia Simpson, taking over on August 15.
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