Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 20 January
World Bank forecasts global economic growth at 4% in 2021 as vaccine rollout becomes widespread, following an estimated 4.3% contraction in 2020.
Chinese economy sees full year growth of 2.3% in 2020. This is the slowest rate in more than four decades, according to the National Bureau of Statistics.
Consensus forecast for world GDP growth in 2020, according to GlobalData.
IMF projects the India economy to grow by 8.8% in 2021 following an estimated 10.3% contraction in 2020.
Impact of Covid-19 on Travel and Tourism
- SECTOR IMPACT: Travel and tourism -
Latest update: 3 February
International travel impact
GlobalData figures show that international arrivals fell by 49% in 2020.
According to GlobalData, inbound expenditure globally fell by 54% in 2020.
UNEMPLOYMENT: Country Focus
Unemployment rate in the urban areas of China stood at 5.6% in 2020, which is below the government's forecast of 6%, reflecting the stable job market over the past year, according to the National Bureau of Statistics of China. (18 January)
According to the OECD, unemployment rate in OECD nations declined marginally to 6.9% in November 2020 from 7.1% in October 2020.
Unemployment rate among G7 nations also declined to 6% in November 2020 from 6.2% in the previous month. (14 January)
Unemployment rate in the US stood at 6.7% in December 2020, unchanged from the previous month. Total non-farm payroll employment declined by 140,000 during the month amid rising Covid-19 cases, according to the Bureau of National Statistics.
Jobless rate in the Eurozone declined to 8.3% in November 2020 from 8.4% in the previous month, according to Eurostat. (8 January)
Key travel and tourism market developments