Covid-19 briefing

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- ECONOMIC IMPACT -

Latest update: 6th May

India has emerged as the new epicentre for Covid-19, with WHO data indicating that last week India accounted for almost half of all cases, after becoming the second country, behind the US, to record more than 20 million infections.

Total Covid-19 vaccine doses administered has now surpassed the total number of confirmed cases, with the US hitting 200 million vaccinations faster than any other country. China was the first country to hit 200 million vaccinations, but progress has slowed.

153m

Covid-19 has infected more than 153 million people globally, and has spread to every country.

3 in 10

Only a third of employees say they want to go into the office daily after the pandemic.

- SECTOR IMPACT: Travel and tourism -

Latest update: 3rd May

International travel impact

$8.8bn

IAG, the owner of British Airways, reported a record £6.3bn ($8.8bn) loss in 2020 thanks to Covid-19.

€121bn

Italy lost out on an astonishing £105bn (€121bn) in travel and tourism thanks to Covid-19 restrictions.

IMPACT FOCUS: RENTAL INDUSTRY

Low tourist demand means many cars rental companies have been forced to sell their fleets in order to stay afloat during the Covid-19 pandemic. 

Markets in which airport pickup is the largest channel, like the US, have particularly suffered, but the effect has been felt all over the world.

But as demand picks up, with more people travelling and supply still down, major price hikes are likely to be in store for anyone who wants to rent a car.

Key travel and tourism market developments

Tourism ministers from the Group of 20 have agreed to back plans for so-called vaccine passports to rejuvenate the travel and tourism sector.

The sector is crucial for the economic recovery of many nations in the Group of 20, which lost billions due to imposed travel and tourism restrictions. EU member states could reopen borders to travellers from countries with low infection rates, as well as those who are vaccinated against Covid-19, under a proposal unveiled on 3 May. 

This new strategy could be adopted as soon as the end of May, but until that strategy is finalised, domestic tourism will still remain an area of intense focus.

Lockdown measures have created a desire for people to travel and see something outside of their immediate environs, but with international travel still heavily restricted, combined with the slow rollout of vaccination programmes in several markets, mean options are limited.

This has created interest for staycations, so many tourism boards have shifted their focus towards attracting visitors from their domestic markets, rather than abroad.