March 4, 2020 (MLN): The brunt of the Covid-19 is already being felt by the global economy as the number of cases and deaths continues to increase wherein governments take necessary measurements to halt the epidemic COVID-19. As an impact, the travel and tourism industry has been hit hard on an account of travel restrictions and cancelled trips.
According to a research report by Bloomberg, in 2018, the global tourism and travel industry revenue amounted to $1.7 trillion. It is estimated that this global industry would likely suffer $47 billion in a month if this situation persists for longer. This is considered a major setback after 9/11 and SARS virus.
With regards to the only global airline industry, it would likely lose $ 30 billion on the outbreak of COVID-19.
The travel industry is one the largest industries with much diversification as it not only covers airlines and hotels, it impacts retail, restaurants and technology.
There has been a sharp decline in travel across the Asia- Pacific countries. As far as global tourism is concerned, the industry affects much when Chinese national do not travel. Chinese have become the most regular global travellers, thus, affecting negative revenues across other related travel industries.
