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Published on : Thursday, October 22, 2020
The COVID-19 pandemic has been termed as an existential threat to the tourism industry. The cruise sector carries the blame for spreading the virus.
Workers in popular destinations are also combating unemployment and poverty.
As per estimates, the number of international travelers declined by 56%, with US$320 billion in lost receipts through the end of May.
This disruption is different and is truly global. All countries are negatively impacted, with essentially no one traveling across borders.
Global value chain (GVC) analysis is a popular tool for identifying and estimating economic development opportunities across industries. The principle is simple – for a country or firm to participate in an industry, it needs to understand how it operates and the factors that determine where activities take place. The process isn’t static. Ongoing competitiveness depends on shifting dynamics and upgrading to improve position over time.
When travel would restart, trust would be a key theme that will pervade the entire chain; travelers need to feel confident that they will not be exposed to the virus or stranded in foreign locations.
Creating travel bubble is a viable option in times like these. Countries like New Zealand and Australia, South Korea and Japan, many EU markets and others have attempted variants in this area. As per media reports, there has been limited success.
Tags: COVID-19 pandemic