- ECONOMIC IMPACT -
Latest update: 22 November
After downturns for several months, 2021 consensus forecast for global GDP growth is currently 6.0%
The virus has now spread to 198 countries with more than 240 million confirmed cases.
Unemployment in OECD nations stood at 5.8% in September 2021, down from 6.0% in August.
The jobless rate in the Eurozone stood at 7.4% in September 2021 as compared to 7.5% in August.
Impact of Covid-19 on EMPLOYMENT OUTLOOK
- SECTOR IMPACT: TRAVEL AND TOURISM -
Latest update: 3 November
Impact on airlines
A potential "lost decade" for passenger growth. Caveats and variations on state aid will lead to uneven recovery. Manufacturers are moving to develop longer-ranged single-aisle aircraft. IATA recently predicted even bigger debts for airlines with fewer passengers expected to fly than previously predicted.
Airline traffic continues to be volatile, and any surge in cases in a country is negatively impacting carriers. Recovery will be long, and airlines prices are not expected to recover until at least 2022.
International travel demand continues to remain low, but signs are improving as more governments reduce restrictions and introduce favourable travel rules for vaccinated travellers. Domestic demand continues to lead the recovery.
IMPACT ON INTERMEDIARIES
Intermediaries have long supported the idea or have been working towards a form of 'super app'. This app would act as one, integrated platform that would enable a customer to freely book each aspect of their trip, travel and pay their way throughout their holiday.
In order to stimulate customer demand, many intermediaries are incorporating more offerings to ensure a more seamless travel experience. International travel demand remains low meaning the outlook is still not rosy.
KEY TRAVEL AND TOURISM DEVELOPMENTS