- ECONOMIC IMPACT -

Economists and institutions have cut their forecasts and experts are predicting the potential onset of recessionary environments.

In the short-term, unemployment rates will rise in all major economies. The International Labour Organization estimates 6.7% of worldwide working hours will be wiped out in Q2 2020.

$2tn-$3tn

UNCTAD forecasts a $2tn-$3tn reduction in investments in commodity-rich exporting nations.

3%

IMF forecasts the global economy to contract by 3% in 2020 as ‘Great Lockdown’ causes a dramatic drop in economic activity.

Impact of Covid-19 on asset prices

- SECTOR IMPACT: TRAVEL AND TOURISM -

As of 27 April 2020

Airlines industry impact

$314bn

IATA forecasts that the airline industry will see revenues fall by $314bn this year, a number that is subject to regular re-assessment. This number assumes a good level of government intervention. In some markets, such as the US, such support has been forthcoming. In others, most notably the UK, it has not.

Travel and tourism job losses

100.8m

The World Travel and Tourism Council (WTTC) estimates job losses of 100.8 million in the travel and tourism industry due to the economic damage caused by the Covid-19 outbreak.

impact on transport infrastructure

1.4%

GlobalData predicts that global construction output will contract by 1.4% in 2020. Governments and public authorities will advance spending on infrastructure projects as soon as normality returns to reinvigorate the industry.

Cruise industry developments

Go to article: Home | Setting a course for survivalGo to article: In this issueGo to article: ContentsGo to article: The briefing on the maritime industryGo to article: CR Ocean EngineeringGo to article: DHI Company InsightGo to article: DHIGo to article: Covid-19 executive briefingGo to article: NewsGo to article: PureteQGo to article: Coronavirus: the impact on global shippingGo to article: Burckhardt CompressionGo to article: Marine Medical SolutionsGo to article: The financial cost of low-carbon transformation in shippingGo to article: Q&A: tackling age discrimination with the International Chamber of Shipping Go to article: Time’s up: wildlife trafficking through Tanzania’s portsGo to article: Redrawing the piracy map for 2020Go to article: We can see you: introducing Dark Vessel DetectionGo to article: Beam me up: using blue laser technology to improve underwater detectionGo to article: Fighting battery fires at sea with direct-foam injection technologyGo to article: Global markets and indices powered by GlobalDataGo to article: Macro-economic indicators (1 of 2) powered by GlobalDataGo to article: Macro-economic indicators (2 of 2) powered by GlobalDataGo to article: EventsGo to article: Next issue