Impact of the COVID-19 Pandemic on the Travel Industry

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.