Outside In | With the aviation industry stalling due to the coronavirus, the global economy cannot take off too
- As Covid-19 lockdowns can only be relaxed gradually, the economic fallout is set to be deeper than some wishful thinkers predict
- With the beating heart of our globalised world bleeding losses, so too will the related travel, tourism, hotel and catering businesses
I pray that leaders are right that we are past the peak of mortalities, and that our health care systems are going to be under less severe strain. That seems more likely to be true here in Asia than in the United States or Europe. But a lot of expert medical analysis still suggests this is more a prayer than a measurable expectation.
Look only at the aviation sector, and the travel and tourism activities that are integrally linked with it, to see how deep a trough we are in, and how rough the road out. The World Travel & Tourism Council constantly reminds us that the travel sector, which also drives hotel and restaurant patronage worldwide, supports one in 10 of the world’s jobs: if aviation is in a deep trough, the rest of the world economy can’t be far behind.
