With travel bans around the globe for the last year and half after the COVID-19 pandemic, a new report from The Conference Board has revealed that these restrictions are inflicting a substantial toll on global trade and the industry may recover to 50 % of the 2019 level only by the end of 2021.
The pandemic- induced lockdown has had a cascading effect on 334 million people worldwide directly dependent on the travel and tourism sector, says The Conference Board, a US-based member-driven think tank.
The continued emergence of new virus variants and stubborn vaccination challenges—whether due to supply, logistics, or hesitancy—are understandably prompting governments to extend policies that heavily restrict the movement of people across borders, Dana Peterson, Chief Economist of The Conference Board, said in a press release.
The report said that companies are cutting costs by forgoing travel as ongoing pandemic restrictions—63 % of governments have either a total or partial ban on foreign visitors—appear to be accelerating a long-term trend toward virtual meetings.
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