Travel & tourism are the strong contributors of a nation’s GDP as it comprises multi facet substructures which get diversely impacted due to travel & tourism growth. Broadly speaking, travel & tourism, aviation, hospitality, lodging, recreation and may others, are all interconnected and witness a similar impact due to the external dynamics. Now, these dynamics, if positive- stimulate growth and eventually, the negative ones equally pose huge risks on the industry’s growth. Evidently, the outbreak of one of the worst diseases in history, coronavirus has taken place – affecting 201 countries and territories, over millions of people and more than hundreds of thousands of mortalities so far. The COVID-19 outbreak will negatively affect the world’s global economy over a few coming future years. Now under the global economy, the travel & tourism industry, especially is among the top of the list that usually generates a good revenue.
All key performance indicators of the relative verticals including occupancy, average rate, revenue per available room and many more add up to this revenue. However, the US and China are among the world’s largest economies with a higher number of COVID-19 infected cases. The impact of COVID-19 on these economies has stalled the world’s economic growth. Since, the first case of COVID-19, most of the economies across the globe has enforced the lockdown. In order to restrict the spread of the virus, the countries restricted the country-specific traveling on of international flights which is impacting the current travel & tourism industry all over the globe with a sudden decrease in the revenue. Countries such as Italy, France, Japan, Thailand, Spain, Saudi Arabia, South Korea, USA, Malaysia, Singapore, and United Arab Emirates (UAE) are considered as the most popular tourist destinations. There are significant infected cases of COVID-19 in these countries which have impacted the global travel & tourism industry.
