174 million jobs will be lost in the global travel and tourism industry this year if current restrictions imposed to decrease coronavirus spread remain in place, according to a leading industry group.
The projection from the world travel and tourism council was lower than previously expected, largely because of strong recovery in domestic travel in China and rebounds in other countries. In June, the council projected that there could be 197 million job losses worldwide in a sector that many nations usually rely on economically.
Restrictions on travel imposed during early stages of corona which included banning flights from abroad effectively closed on the hospitality sector in many countries.
Even though restrictions have been eased around the World, the number of travellers has gone down significantly partly because many countries want visitors to Quarantine themselves. The fear of a resurgence of virus will hit the sector hard. Prolong restrictions according to the council will decrease the contribution of the sector to the GDP by 53% eliminating 4.7 trillion US dollars
Oil and gas is another industry why we will see major job losses. Exxon Mobil cutting 50% of its workforce is an example of that.
According to Rystad Energy, the Oil and Gas industry more than $400,000 and Gas sector jobs have been cut this year with half of them being in the US.