Current Global Issues Facing the International Tourism or Hospitality Essay Writing - Hospitality and Tourism Assignment Help

Assignment Task

Over the past 3 months, COVID-19 has triggered the worst economic crisis since the Great Depression. I published a detailed article on this here previously, in a post titled “The Super Economic and Social Depression of 2020.” In the developed world, GDP declines in Q1 have not been seen since the global financial crisis of 2008-09. Q2 will likely see declines in GDP in the mid-teens to well over 20%+ for some developed countries. Unemployment rates have skyrocketed throughout the developed world with no near-term end in sight.

The hospitality industry has been decimated by Covid-19 and the resulting lockdowns across the globe. For some countries such as Italy and Spain, the hospitality industry represents as much as 15% of GDP and thus is key to their economic recovery. The sector as such faces many significant challenges both near term and longer term.

the hospitality industry faces significant near and medium-term challenges. The large operators with strong balance sheets and solid liquidity positions will be the survivors and likely consolidators within the industry. Smaller operators will likely not survive a prolonged period of low occupancy, higher costs and losses. Niche boutique hotels offering health and wellness focused accommodations and experiences will become increasingly in demand, especially among Millennials. In the longer term, the global hospitality community will recover and likely in a renewed and innovative form. Indeed, history has shown that our global community has dealt with far greater pandemics, wars and other challenges then currently being experienced.

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