Bloomberg - Nikki Ekstein
The shock from the stagnant travel industry, which accounts for 10% of the global economy, can ripple to the remotest corners of the world. Each time a person takes a trip, it sets off a domino effect of consumption that directs dollars to airlines, hoteliers, restaurateurs, taxi drivers, artisans, tour guides, and shopkeepers, to name a few. In all, the tourism industry employs 300 million people; especially in developing countries, these jobs can represent pathways out of poverty and opportunities for cultural preservation. Now a third of all tourism jobs are at risk, airlines around the world say they need as much as $200 billion in bailouts, and reduced travel expenditures both business and leisure puts the $1.7 trillion industry at risk...more
