The COVID-19 pandemic has caused an unprecedented human and health crisis. The measures necessary to contain the virus have triggered an economic downturn. At this point, there is great uncertainty about its severity and length. The latest Global Financial Stability Report shows that the financial system has already felt a dramatic impact, and a further intensification of the crisis […]
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In its recent publication, the IMF suggests the appropriate Fiscal Policies to contain and mitigate the damage from COVID-19. In times of pandemic, fiscal policy is key to save lives and protect people. Governments have to do whatever it takes. But they must make sure to keep the receipts. So far, countries have taken fiscal actions […]
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The International Air Transport Association (IATA) released an updated analysis showing that the COVID-19 crisis will see airline passenger revenues drop by $314 billion in 2020, a 55% decline compared to 2019. On 24 March IATA estimated $252 billion in lost revenues (-44% vs. 2019) in a scenario with severe travel restrictions lasting three months. […]
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Business travel has become the latest casualty of the coronavirus pandemic by coming to a halt across the globe, according to the latest research conducted by the Global Business Travel Association (GBTA). To understand the coronavirus’s effects on business travel, GBTA conducted its fifth lightning poll among membership on April 1-4, 2020. GBTA received responses […]
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The European Commission has approved a €1.2 billion Greek aid scheme to support the Greek economy in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020. Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “Small and […]
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Up to 75 million jobs are at immediate risk in global Travel & Tourism due to the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). The alarming figure, based on research from WTTC, shows a punishing Travel & Tourism GDP loss to the world economy of up to US$2.1 trillion in 2020. […]
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A staggering one million jobs are being lost every day in the Travel & Tourism sector due to the sweeping effect of the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). According to the London-based international organization, which represents the global Travel & Tourism private sector, the growing job losses are affecting […]
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UNWTO updates its information as far as COVID-19 and Tourism are concerned: The outbreak of Coronavirus COVID-19 presents the tourism sector with a major and evolving challenge. The World Tourism Organization (UNWTO) has strengthened its collaboration with the World Health Organization (WHO). The two UN agencies met in Geneva to further advance a coordinated response […]
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The COVID-19 pandemic is a public health issue requiring proportionate and fact-based measures that are made on the latest public health recommendations from experts around the world. Travel restrictions, while understandably necessary at this moment in time, must be carefully evaluated so as to ensure they do not go beyond what’s required to control the […]
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Gloria Guevara, President and CEO of the WTTC informs the Governments about the impact of COVID-19 on Tourism and Travel and implores for their assistance. Below you can read the open letter: “No one can doubt that we are in uncharted territory. The coronavirus pandemic means the world is facing a threat on multiple fronts […]
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