Unprecedented impact globally

According to a recent report by HVS ANAROCK, economists world-over expect the global economy to shrink in the first quarter of 2020, a first since the 2008 financial crisis. The full impact will only emerge once the outbreak is completely contained.

To say that the economic impact of the outbreak has been devastating, is putting it mildly. Most economists believe that the full impact will only emerge once the outbreak is completely contained.

Economists world-over expect the global economy to shrink in the first quarter of 2020, a first since the 2008 financial crisis.

With the number of cases rising sharply on a daily

Ripple effects of the pandemic will be felt across the world well into the year”

basis, even if the pandemic is contained soon, the ripple-effects will be felt across the world well into the year, pushing all major economies into a possible recession.

The Travel & Tourism (T&T) sector across the globe is undoubtedly the biggest casualty of the COVID-19 pandemic. Several countries have issued travel advisories and are in lockdown mode, with all major global business, social and sporting events getting cancelled since February.