Covid-19 Executive Briefing

Understanding the economic impact of the Covid-19 pandemic and the implications for the travel sector

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Latest update: 6 April 2020

Many economists have cut their GDP forecasts. The 2020 consensus forecast for GDP growth is currently negative and many predict a recession.

Unemployment rates are expected to rise in all major economies. The International Labour Organization estimates 25 million job losses worldwide.

2.4% - 1.5%

The OECD's forecast for global growth in 2020, with some consensus estimates being far lower 

$2-3 trillion

Expected reduction in investments in the commodity-rich exporting nations, according to UNCTAD

Impact of Covid-19 on asset prices


Latest update: 6 April 2020

The current level of disruption in the travel & tourism sector is unprecedented. Initially focusing on travel in and out of China, travel restrictions are now a global phenomenon.

Airlines reached a critical point in recent days:

  • EasyJet announced that its entire fleet is now grounded
  • Air Canada furloughed 16,500 staff
  • British Airways has temporarily stopped all operations at Gatwick and furloughed over 30,000 staff
  • American Airlines has asked for $12bn of government support funding

Airports are also suffering as passenger numbers plunge:

  • Heathrow is closing one runway from 6 April
  • Paris Orly has closed altogether and what little traffic remains has been re-routed to Charles de Gaulle Airport

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