How Global Economies Are Handling The Covid-19 Fallout

Facing an economic whirlpool, countries across the world have begun to deliver a fiscal response to tackle the coronavirus outbreak. Hotels are also doing their bit

COVID-19 has brutally impacted over 160 countries, claiming 55,781 lives as on April 3, forcing people into extended lockdowns and putting a halt to the world economy. Among the industry’s worst hit are travel, hospitality and airlines. Uncertainty about the speed of the spread has sent financial markets into a tailspin, weighed on business across industries and sectors, and has likely plunged the global economy into recession.

Many countries have begun offering economic stimulus packages to shore up their failing economies and help businesses survive. Individually, several hotels and travel companies have also begun to draw up plans to deal with the crisis or simply work with the community until things get better.

The economic stimulus packages

Every industry is dependent on how a country’s economy, in particular, and the world economy in general, perform. This is particularly true for hotels and the hospitality industry. So, for the hospitality and travel industry to revive, the economy needs to revive. For which, countries need to offer economic stimulus as soon as things get normal.