How bad 2020 for travel industry!!
If you thought 2020 is going to be your year then, I can’t force this enough that it looks very hard that way. 2020 started with a spread of a deadly disease called COVID-19 caused due to Coronavirus. The outbreak happens in the manufacturing province of China Wuhan. And soon this turned out to be a pandemic. As of 27 March 2020 520501 people have been infected, 23593 people have died, 123321 recovered and 201 countries have been affected by the Chinese Virus.
Due to these unforeseeable circumstances government, all around the world is announcing lockdowns and curfews. On 24 March 8:00 PM IST Indian Prime minister Mr.Narendra Modi kept declared that India will be under lockdown for 21 days to avoid the increase in the spike in new cases. This means 17.7% of the world population is under lockdown which means no economic actives are being conducted people only essential services are allowed to keep their workplaces open. This means a huge loss of money.
This is not the case in just India people are dying and new cases are being recorded at record speed in various parts of the world but the worst hit by this is Europe and Northern America. On 27 March 2020 America surpassed the total number of cases of coronavirus then Mainland China. And Europe is facing one of its saddest hours as new death stats keep on rising and new cases are spiking.
Europe Travel
In 2018 Europe earned about 10.4% of its total GDP from Tourism. Travel and tourism made up 9.7% of its total economy which is equal to USD2,218.7BN. While the global economy grew by 3.2%, Travel & Tourism grew significantly more at 3.9%. (https://www.wttc.org/). And it’s not only about Europe whole world has gained huge due to increasing travel and tourism.
The reality of 2020 is far worst then anybody could have imagined. As the new cases keep on spiking government had to take measures so they closed the airspace and put temporary bans on International and domestic travel which means everything has to be shut down like trains, international flights. And soon people stopped travelling and cancelling their travels. The share price of those shares started plunging to an all-time low. And it is not only about the travelling and tourism-related companies every company is facing a huge downfall and it is been said that this is far more worst downfall than then 2008 crisis.
This shows that people have suffered a lot and lost a lot which means for a while people are not going out of their homes nor spending their money on nonessential items.
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Word of Advice:
This is the correct time if you want to make money in an easy way all the stocks are down and seems a good time to invest in one so watch your portfolio if you don’t have one ready the current articles on our website and make a good one as its a lockdown period so you have plenty of time to kill and nothing to do so in meanwhile doing something which can help you to travel in future and revive this industry after this crisis. Stay safe Peace.
