GlobalData polls show oncern over the spread of Covid-19 remains volatile while business optimism remains high.

The World Economic Forum estimates advanced economies will shrink by 7% and emerging and developing economies will contract by 2.5% in 2020. (3 August)

7.1% + 7.8%

In June, unemployment in the EU27 and Euro Area rose to 7.1% and 7.8% respectively, compared to 6.6% and 7.5% in June 2019. (3 August)

1.8 million

1.8 million jobs were restored in the US with unemployment rate declining to 10.2% in July against its peak of 15% in April. (7 August)

Impact of Covid-19 on Employment


As of 18 August 2020

International Arrivals


GlobalData forecasts that international arrivals into the 62 largest tourism markets globally will fall by 34.5% in 2020. 

Inbound tourist spending


Spending will fall broadly in line with the decline in tourism flows. GlobalData forecasts that inbound expenditure globally will fall by 37.9% in 2020. Domestic tourist expenditure is expected to fare better, with a projected decline of 27.3%.

impact on transport infrastructure


Royal Caribbean's results show just how hard hit the cruise industry has been. Compared to Q1 2019, revenues fell 16.7% to $2.03bn. The company's operating loss was $1.3bn, compared to a profit of $1.3bn in 2019. Q2 will likely be far worse due to the suspension of sailings.

Travel industry developments