GloBAl EConoMy to rEBounD By SoME MEASurE in thE lAttEr PArt of 2020

The world is still coming to terms with the COVID-19 outbreak and there is no doubt that the pandemic will change the world as we know it. With the globalised world going into partial or complete shutdown, the overall impact on human life, economic growth and businesses is immeasurable, both in the short-term and long-term due to the uncertainty as things evolve. While most economists and analysts currently expect the global economy to rebound, by some measure in the latter part of 2020, the exact timeline cannot be determined till the virus is contained across the globe. Nearer home, the Indian hotels sector has been hit hard, grappling with significantly low demand, with very few future bookings. Essentially, all transient demand has completely vanished – the remaining is largely on account of either a few long stay guests, or hotels having been prescribed by the government for the international travellers returning to India. Nothing could have ever prepared us for the COVID-19 shock and although, the current crisis is unlike any other we have ever faced, not all is lost. The Indian hotels sector can recover from this crisis as well, by adjusting strategies in the near term and preparing for the future. It is imperative that all the industry participants collaborate and work harmoniously in the current crisis by sharing best practices, keep the workforce motivated and seek to put the industry back into recovery mode, because this too shall pass sooner rather than later.