We all know about the ruthless march of COVID 19 all across the globe is a way awful human tragedy that has affected the health of millions of people. The consequences of the measures taken throughout the world to curb this pandemic also have a rising impact on the global economy.
This article is intended to offer the major highlights on the impact that are there on the hospitality workforce and a pause on global travel, tourism, and restaurants' services.
A significant business impact on the sectors like travel and tourism
When we account for unprecedented restrictions on travel, the UN World Tourism Organization forecasted that international tourists would see a downfall from 20% to 30% by the end of 2021 compared to the last year.
- To make it contextual, they also compared the SARS outbreak in 2009 that ultimately led to a downfall of about 0.4% of the international tourist market. The hospitality industry as whole accounts for about 10% of the global GDP.
Some disruptions in the production, majorly in Asia, have now spread to several supply chains worldwide. No matter the size, every business is facing severe hurdles, especially those in the aviation, tourism, and other hospitality industries, with a threat of downfall in revenues, insolvency, and job loss in some specific sectors. The sustaining of these business operations might become complex for small and medium ventures.
The impact on the overall jobs in these sectors
The World Travel & Tourism Council gave some severe threats and warnings that the COVID-19 can lead to the cut of about 50 million jobs worldwide, majorly in the travel and tourism industries.
As per the study of an Oxford economics study, Asia has been forecasted to be one of the worst impacted areas. The data also tells that this industry can even take several months to recover.
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