- ECONOMIC IMPACT -
Latest update: 30 March
After months of decline, GDP estimates for many countries have turned positive, but unemployment remains high around the world.
According to UNCTAD, global trade declined by 9% in 2020 with a 6% contraction in goods trade and a 16.5% contraction in services trade.
Consensus forecast for real GDP growth in 2021 globally
Foreast for China's real GDP growth in 2021, 3.2% higher than the US
The road to economic recovery
The global economy is forecast to return to pre-crisis levels by the end of 2021 or early 2022.
The global economy is projected to grow at record speed in 2021, but the outlook is uncertain and will depend on the effectiveness and distribution of the vaccines and on continued fiscal and monetary support. Recovery will be uneven across countries, sectors, and income levels.
China was the only major economy to achieve positive GDP growth in 2020. Covid-19 related exports led the economic recovery. In 2021, China is expected to account for 27% of global economic growth - more than twice as much as the US.
- SECTOR IMPACT: Travel and tourism-
Latest update: 17 March
Travel sentiment assessment
A GlobalData poll revealed that 43% of respondents globally expect to take a domestic trip within the next 12 months.
A recent GlobalData Covid-19 survey showed that 39 % of respondents intend to reduce international travel after the pandemic.
Quarantine requirements are the top barrier to travel, according to 58% of respondents to a live poll conducted by GlobalData since 17 November 2020.
In the same poll, 51% of respondents said travel restrictions are deterring them from taking trips.
Key travel and tourism developments