Impact of the COVID-19 Pandemic on the Travel Industry

Impact of the COVID-19 Pandemic on the Travel Industry

In this video, Corrado explains how the COVID-19 pandemic has impacted the travel industry. He outlines what vaccine distribution on a global scale can do to mitigate its effects and the challenges that Lower Middle Income Countries (LMCIs) face in their efforts to vaccinate their populations. Two scenarios outlining the economic impact of lifting and maintaining travel restrictions are also outlined in this video. 
Overview

One of the primary public interventions that have been deployed to contain the virus is restrictions on mobility, both within and across countries. Of the different sectors affected by Covid-19, tourism has suffered most acutely from the crisis, travel and tourism had become one of the most important sectors of the world economy, accounting for 10% of global GDP, and over 320 million jobs worldwide prior to the pandemic. The collapse of international tourism is part of a larger drop in global trade in services, mainly curbed by low consumer confidence and travel restrictions.

Key learning objectives:

  • How has the pandemic impacted the travel industry?

  • What can vaccine distribution on a global scale do to mitigate its effects?

  • What are the challenges for the industry going forward?

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Summary
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Expert
Corrado Macchiarelli

Corrado Macchiarelli

Dr. Corrado Macchiarelli is the global macroeconomics research manager in the macroeconomic modeling and forecasting team at NIESR (National Institute of Economic and Social Research). He is also the managing editor of the National Institute Economic Review (Cambridge University Press).

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