Our sector is facing an unprecedented challenge, with some companies already on the brink of collapse. Now more than ever, we want to reinforce the importance of strong public-private partnerships and greater international coordination to ensure that we execute a coordinated response to the challenges faced during the management and recovery from COVID-19.
Travel & Tourism represents 10.4% of global GDP and supports 1 in 10 jobs on the planet, and this makes our sector a huge driver of economic growth and the backbone of many economies around the world. With the right measures in place to support the survival of the sector, it can, and will be a vehicle to drive recovery when we enter this next phase.
Today, we are calling upon all governments to take drastic and decisive action now to prevent this global health crisis becoming a worldwide economic catastrophe and to preserve and protect the contribution of the Travel & Tourism sector. Doing nothing is not an option!
Governments of all countries need to take immediate action to help ensure the survival of our sector and to protect millions of people whose livelihoods are at risk.
For this, WTTC proposes three vital measures to be taken now:
1. Financial help must be grated to protect the incomes of millions of workers in the sector facing severe economic difficulties.
2. Governments must extend vital, unlimited interest-free loans to global Travel & Tourism companies, as well as the millions of SMEs as a stimulus to prevent collapse.
3. All government taxes, dues and financial demands on the Travel & Tourism sector need to be waived with immediate effect at least for the next 12 months.
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This post was written by Veronica Magoja, Head of Social, World Travel & Tourism Council.