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Destination Toronto: Latest News

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05.03.2021 / 03:52

Toronto tourism industry slammed with $8.35B in losses in 12 months

Destination Toronto says the city has lost billions in revenue from the loss of the tourism industry during the pandemic. While some business operators are attempting to hang on by reinventing their operations, past experiences say it will likely take years for the industry to recover.

Matthew Bingley pandemic

Coronavirus: Latest developments in the Greater Toronto Area on March 4

coronavirus pandemic in the Greater Toronto Area for Thursday.According to an analysis done by Destination Toronto, the COVID-19 pandemic has cost the city’s economy $8.35 billion due to a drop in tourism and hospitality spending.Some of the hardest hit sectors include:Destination Toronto said when the Greater Toronto Area region is factored into the analysis, the economic losses grow from $8.35 billion to more than $14 billion.

Steve Clark Canada county Ontario covid-19 Coronavirus

Toronto lost $8.35B in tourist activity due to 1st year of COVID-19 pandemic

Destination Toronto, the COVID-19 pandemic has cost the city’s economy $8.35 billion due to a drop in tourism and hospitality spending.Some of the hardest hit sectors include:Also lost from reduced tourism was $1.44 billion in unrealized tax revenue for the federal, provincial and municipal governments. Coronavirus: Toronto’s tourism industry likely to lose billions in revenue, officials say Destination Toronto said the analysis comes from the “visitor economy study” that was released in late 2019 produced by Tourism Economics (in partnership with the Toronto Region Board of Trade).

region Toronto covid-19 Coronavirus

COVID-19

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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