Covid-19 briefing
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- ECONOMIC IMPACT -
Latest update: 16 December
According to Nomura, India is poised to be the fastest-growing Asian economy in 2021 with real GDP growth forecast at 9.9%, while China's is at 9% and Singapore at 7.5%.
According to the World Trade Organization, merchandise exports declined by 21% in Q2 2020 and exports of commercial services were down by 30% during the same period.
-3.8%
The IMF revised its 2020 global GDP forecast to -4.4% from an estimate of -4.9% made in June.
50%-75%
Following vaccine announcements, a 50%-75% uplift in air traffic is expected in 2021.
Impact of Covid-19 on Travel and tourism
- SECTOR IMPACT: Travel and tourism -
Latest update: 16 December
Travel and Tourism market impact
174m
174 million jobs in the travel and tourism sector will be impacted by Covid-19, according to the World Travel & Tourism Council (29 October).
77%
In GlobalData’s emerging technology travel trends survey for 2020, 77% of tourism executives declared that they were prepared for a digital disruption.
Travel enters a new era
As Covid-19 continues to wreak havoc in the tourism sector, the consequences will - and already have - fundamentally changed how consumers travel and companies operate.
Long-standing changes to the sector will occur on technological, macroeconomic and industry levels. Some of these changes will impact more than one level. For example, hypervigilance around health and hygiene has caused a change in traveller demands that will create established changes at all three levels.
An increased need for health to be a priority in travel will surge in a number of areas including the implementation of ‘no-touch’ technology through the means of AI and IoT; the popularity of the sharing economy through the provision of cheap, secluded accommodation provided by the likes of Airbnb; and online travel sales due to consumers looking to avoid high street locations.
The companies that recognise how these changes in traveller demands impact their operations on these different scales have the best chance of accelerating recovery after the pandemic.
Key Travel and tourism developments
