- ECONOMIC IMPACT -

Latest update: 17 March

The US economic forecast for 2022 has been revised by Goldman Sachs to 1.75% from its earlier projection of 2%.

The European Central Bank forecasts Eurozone GDP to grow by 3.7% in 2022 and by 2.8% in 2023.

5.3%

The unemployment rate in OECD nations stood at 5.3% in January 2022, unchanged from the previous month.

3.8%

According to the US Labor Department, 678,000 jobs were added in February 2022, with unemployment declining to 3.8% from 4% in the previous month.

Impact of Covid-19 on EMPLOYMENT OUTLOOK

- SECTOR IMPACT: TRAVEL AND TOURISM -

Latest update: 4 March

Impact on airlines

The airline sector is recovering gradually from Covid-19, but revenue passenger kilometres (RPKs) are still estimated to be only 40% of pre-crisis levels in 2021.


Major airline companies such as International Airlines Group predicts a return to profit in 2022. It said it had more than halved its losses to $3.9bn in 2021, having cut staff numbers and costs during the pandemic.


It may still recover this year if its operations avoid further impact from the pandemic. However, the Ukraine crisis looks to be another setback.

IMPACT ON INTERMEDIARIES

For the fourth quarter of 2021, major online booking platforms showed strong signs of recovery. For the quarter, Booking.com posted revenue of $3bn, which was up by 141% from the previous year.


Its competitors echoed similarly impressive growth. Expedia experienced 148% top-line growth in the same period, and Airbnb posted 78% revenue growth for the same quarter.

KEY TRAVEL AND TOURISM DEVELOPMENTS

Go to article: Home | Through the looking glassGo to article: In this issueGo to article: ContentsGo to article: Air Traffic Solutions Company InsightGo to article: Air Traffic SolutionsGo to article: BriefingGo to article: Industry newsGo to article: Ukraine crisis executive briefing by GlobalDataGo to article: Covid-19 executive briefing by GlobalDataGo to article: Airport industry briefingGo to article: Plan SafeGo to article: CommentGo to article: Sensing the surroundings: Blickfeld’s LiDAR technologyGo to article: How will the Russia-Ukraine conflict impact tourism?Go to article: How can digital signage solutions improve airports?Go to article: Buy now, pay later could help airline recoveryGo to article: In DepthGo to article: Under the x-ray: improving security at Perth AirportGo to article: How will the Russia-Ukraine war impact aviation?Go to article: Covid-19’s long-haul effect will impact emissionsGo to article: Vanderlande’s new baggage handling system for Western Sydney AirportGo to article: Reach for the sky: innovation in aviationGo to article: In DataGo to article: Cybersecurity hiring rose to a year-high in February 2022Go to article: North America is seeing a hiring boom in industrial automation Go to article: Tracking industrial automation mentionsGo to article: Industrial automation innovation has dropped off in the last yearGo to article: EventsGo to article: Next issue