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The Citizen reports that according to new research, two-thirds of jobs in the tourism business sector could be shed by this time next year as a result of the coronavirus pandemic.
This was indicated by research conducted by Stellenbosch University’s Bureau for Economic Research (BER). The bureau said: “Our best-case scenario is estimated to result in 58.2%t fewer domestic trips and 68.4% fewer inbound visitors in 2020. This translates into a loss of R171.4 billion in spending by domestic and inbound tourists. The worst-case scenario is expected to result in about 70% fewer domestic trips and 73.7% fewer inbound visitors. Under this scenario, internal tourism expenditure is expected to decline by R195.5 billion. It is estimated that over a million jobs are potentially at risk under both our best- and worst-case scenarios.” The BER added that its “updated baseline macro forecast sees roughly 1.4 million jobs at risk through 2021 Q2 because of the overall Covid-19 shock to gross domestic product (GDP)”. The tourism sector includes accommodation, restaurants, travel agencies, passenger transportation services and sporting and other recreational services. The BER’s current baseline forecast only expects domestic consumption levels to revert to pre-crisis levels by 2023, which “implies personal travel budgets will remain under pressure for the foreseeable future.”
- Read the full original of the report in the above regard by Jim Freeman on page 5 of Saturday Citizen of 6 June 2020
- Read too, Tourism eyes three-phase opening up as growth strategy, on page 5 of Saturday Citizen of 6 June 2020
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