Amid the Corona Virus pandemic across the globe, several industries have hit hard by it, and many have come to a standstill. Travel and tourism is one such industry grappling with massive economic and revenue loss. The technological advancement has bridged the gap and made the travel convenient and handy- an innovation that hiked more than a billion trips each year fails to stop the spread of the virus and appeals to the migrants to stay at their place.
Making exact figures of the loss is not a cakewalk as the numbers change rapidly with the increase in virus spread. In case the outbreak retains, then the World Travel and Tourism Council, and other global travel giants face a massive crash of losing 75 million jobs along with $2.1 trillion in funds. Bearing the loss daily, British Airways has assumedly suspended the working of 36000 staff. America being the hotspot has faced a steep crash of its travel industry. The U.S. Travel Association forecasts damage of 4.6 million jobs by May.
Moreover, based on travel limitations and anticipated recession across the world, the International Air Transport Association concludes that the air transport industry’s income may face a steep downfall of $252 billion, which is 44% below that of the numbers in 2019.
Whereas the International Aircraft giants, Delta, and United Airlines, are grappling with the lack of funds to manage the expenses pre coronavirus spread as per the reports of IATA. Contrary to it, Apple has sufficient funds to cover the expenses for six years. As most of the airlines have curbed their flights, which may lead to having a calculative loss of more than $250. This estimate is just twice $113 billion, which IATI anticipated 21 days before the countries initiated closing their boundaries.
Also, the Tourism industry is indeed in hot waters as the worldwide corona outbreak continues to retain, and its duration is still uncertain, which has led to a great crash in the stock market, which keeps for weeks to all titans of the industry.
It has been estimated that the virus outbreak will significantly hit China’s tourism industry as this industry contributes 11% of its GDP in the current years, increasing rapidly at a rate of 7%. The World Tourism Organization (WTO), in contribution with World Health Organization (WHO) in a collective statement, has requested the tourism industry to have a measured, consistent and proportionate reply for the Corona Virus outbreak to minimize public health risk globally.
The effect of the coronavirus pandemic has hit the companies globally along with the cancellation of tickets, tours, social events and gatherings, employment management temporarily, and decline of income. At first, China being severely hit by the virus has revealed optimistic signs of curbing the virus spread and has declared that they will have control over it by the end of April. Veteran Pulmonologist Zhong Nanshan heading the team of medical professionals at the National Health Commission of China has declared that the nation is confident of getting virus-free by the end of April as outlined.
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