After weeks of gradual decline, GDP estimates for many countries have levelled off. Consensus forecast for world GDP growth in 2020 is -3.9%.

The Eurozone reported record price deflation for the first time since 2016 (1 September). Dun & Bradstreet believes the global economy is unlikely to reach pre-pandemic level output before 2022 (7 September).


Fitch Ratings revised its 2020 forecast for global economic growth to -4.4% from the earlier estimated -4.6% (7 September).


The German economy contracted by a record 9.7% in the second quarter, according to the German statistics office (25 August).

Covid-19: Employment Outlook


As of 26 August 2020

decrease in airline revenues


Airlines continue to struggle. Delta registered a $3.9bn adjusted pre-tax loss for the June quarter as revenues fell by more than $11bn compared to last year.

Further Job Losses


Job losses are announced with increasing regularity. Hays Travel has put 900 jobs at risk, while STA's demise is expected to cost 500 jobs in the UK.

Changes to CARES ACT funding

1 October

Swissport, Menzies Aviation, WFS and dnata have all warned of potential job cuts as airports continue to see reduced traffic and the airline industry awaits 1 October with bated breath as terms forbidding job cuts attached to CARES Act funding expire.

Key travel market developments

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