Economic effects of the coronavirus pandemic on tourism and hospitality
The coronavirus pandemic has caused unprecedented problems, both economically and organizationally, healthily and socially. Among the most affected industries are tourism and hospitality. The introduction of quarantine, the inability to travel and the restriction of movement, as well as the decline...
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| Format: | Article |
| Language: | English |
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University Dzon Nezbit
2021-01-01
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| Series: | Megatrend Revija |
| Subjects: | |
| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/1820-3159/2021/1820-31592103001R.pdf |
| _version_ | 1818356635686404096 |
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| author | Radić Nikola Radić Vlado Stevanović Mirjana |
| author_facet | Radić Nikola Radić Vlado Stevanović Mirjana |
| author_sort | Radić Nikola |
| collection | DOAJ |
| description | The coronavirus pandemic has caused unprecedented problems, both economically and organizationally, healthily and socially. Among the most affected industries are tourism and hospitality. The introduction of quarantine, the inability to travel and the restriction of movement, as well as the decline in interest, have led to enormous financial losses for hotels and restaurants around the world, and redundancies. The connection between tourist organizations, carriers and hotels was suddenly severed, so that the entire tourist season in 2020 failed. When you look at the assumptions about the recovery of the tourism industry, it is obvious that the situation is not good, it is even devastating. The multi-year trend of progress and development, which brought in large incomes and employed millions of people around the world, was interrupted. It will not be possible to return to the level from 2019 for at least a year or two, so different scenarios are mentioned, from moderate to pessimistic. In that sense, the biggest loss will be the dismissal of more than 100 million employees in the sector worldwide, as well as the large losses of airlines and carriers. Since the losses are almost irreparable, agencies, hotels, restaurants, airlines and tour operators have sought the help of their governments, in order to overcome the catastrophic situation to some extent. First, assistance was offered to airlines in America and Europe, and later in Asia (South Korea, Singapore, Malaysia). Later, with the apparent extension of the pandemic, governments began to consider the need to provide funds for the financial consolidation of hotels, restaurants and tour operators. That support varies from country to country, from company to company. |
| first_indexed | 2024-12-13T20:00:21Z |
| format | Article |
| id | doaj.art-5bf9ee0c88e745b8a70825c1a62433b9 |
| institution | Directory Open Access Journal |
| issn | 1820-3159 2560-3329 |
| language | English |
| last_indexed | 2024-12-13T20:00:21Z |
| publishDate | 2021-01-01 |
| publisher | University Dzon Nezbit |
| record_format | Article |
| series | Megatrend Revija |
| spelling | doaj.art-5bf9ee0c88e745b8a70825c1a62433b92022-12-21T23:33:11ZengUniversity Dzon NezbitMegatrend Revija1820-31592560-33292021-01-0118312010.5937/MegRev2103001R1820-31592103001REconomic effects of the coronavirus pandemic on tourism and hospitalityRadić Nikola0https://orcid.org/0000-0002-8862-3004Radić Vlado1https://orcid.org/0000-0001-5571-4244Stevanović Mirjana2Visoka škola za poslovnu ekonomiju i preduzetništvo, Beograd, SerbiaVisoka škola za poslovnu ekonomiju i preduzetništvo, Beograd, SerbiaVisoka poslovna škola "Prof. dr Radomir Bojković", Kruševac, SerbiaThe coronavirus pandemic has caused unprecedented problems, both economically and organizationally, healthily and socially. Among the most affected industries are tourism and hospitality. The introduction of quarantine, the inability to travel and the restriction of movement, as well as the decline in interest, have led to enormous financial losses for hotels and restaurants around the world, and redundancies. The connection between tourist organizations, carriers and hotels was suddenly severed, so that the entire tourist season in 2020 failed. When you look at the assumptions about the recovery of the tourism industry, it is obvious that the situation is not good, it is even devastating. The multi-year trend of progress and development, which brought in large incomes and employed millions of people around the world, was interrupted. It will not be possible to return to the level from 2019 for at least a year or two, so different scenarios are mentioned, from moderate to pessimistic. In that sense, the biggest loss will be the dismissal of more than 100 million employees in the sector worldwide, as well as the large losses of airlines and carriers. Since the losses are almost irreparable, agencies, hotels, restaurants, airlines and tour operators have sought the help of their governments, in order to overcome the catastrophic situation to some extent. First, assistance was offered to airlines in America and Europe, and later in Asia (South Korea, Singapore, Malaysia). Later, with the apparent extension of the pandemic, governments began to consider the need to provide funds for the financial consolidation of hotels, restaurants and tour operators. That support varies from country to country, from company to company.https://scindeks-clanci.ceon.rs/data/pdf/1820-3159/2021/1820-31592103001R.pdfpandemiceconomic effectstourismhospitalityrecoveryjobs |
| spellingShingle | Radić Nikola Radić Vlado Stevanović Mirjana Economic effects of the coronavirus pandemic on tourism and hospitality Megatrend Revija pandemic economic effects tourism hospitality recovery jobs |
| title | Economic effects of the coronavirus pandemic on tourism and hospitality |
| title_full | Economic effects of the coronavirus pandemic on tourism and hospitality |
| title_fullStr | Economic effects of the coronavirus pandemic on tourism and hospitality |
| title_full_unstemmed | Economic effects of the coronavirus pandemic on tourism and hospitality |
| title_short | Economic effects of the coronavirus pandemic on tourism and hospitality |
| title_sort | economic effects of the coronavirus pandemic on tourism and hospitality |
| topic | pandemic economic effects tourism hospitality recovery jobs |
| url | https://scindeks-clanci.ceon.rs/data/pdf/1820-3159/2021/1820-31592103001R.pdf |
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