- ECONOMIC IMPACT -
Latest update: 19 January
According to China’s General Administration of Customs, the country’s trade surplus rose to $676bn in 2021, the highest since records began.
Goldman Sachs estimates that the Chinese economy will grow by 4.3% in 2022, which is a downward revision from its previous estimate of 4.8%.
According to the ONS, the UK’s economy grew by 0.9% in November 2021, surpassing its pre-pandemic level GDP.
According to the World Bank, real GDP growth rate of the Indian economy is forecast at 8.3% in FY22 and 8.7% in FY23.
Impact of Covid-19 on EMPLOYMENT OUTLOOK
- SECTOR IMPACT: TRAVEL AND TOURISM -
Latest update: 7 January
Impact on airlines
Airline traffic continues to be volatile, and any surge in a country’s cases is negatively impacting carriers, with traveller uncertainty continuing to remain moderately high.
International travel demand could now face a period of decline due to the Omicron variant. Ed Bastian, Delta chief executive, recently stated that Omicron had hit bookings for January 2022, mainly for international travel.
IMPACT ON INTERMEDIARIES
Intermediaries have been under significant pressure during the pandemic. Many online travel agencies have been on the end of legal cases involving untimely repayments.
In some cases, relationships with suppliers such as low-cost carriers have broken down where conditions around flexibility and refunds have not been clear.
Google is also being accused of delaying the recovery of intermediaries. Online intermediaries blame Google for promoting either those that pay the most in auctions for advertisements or its own travel products, creating unfair competition in the process.
KEY TRAVEL AND TOURISM DEVELOPMENTS