The world is in the midst of one of the worst global pandemics we have experienced in quite some time. The coronavirus pandemic is affecting the lives of millions of people around the world and it is wreaking financial havoc on the global economy. Major industries including manufacturing, travel and retail are shut down and small businesses are closing their doors, unsure if they will open them again.
One of the hardest hit industries that has been affected by the coronavirus pandemic is the travel industry. Quarantines, travel bans and global lockdowns have made travel and tourism nonexistent. This has led to job cuts throughout the industry and millions of workers are at risk of losing their jobs or having their hours cut back to keep travel-related businesses sustainable. Otherwise, many travel companies, including those with their ATOL Licence could close permanently.
The Effect On The Broader Economy
A side effect of travel industry workers being laid off or losing their jobs is that they are then forced to have to cut back on their spending, which will ultimately affect the broader economy. Lower income workers will be hit first and the hardest, but experts agree that everyone could experience more of the same.
But for how long? Will the travel industry’s loss spark a global recession, and will the industry be able to bounce back? The answer is, no, the travel industry’s loss won’t spark a global recession, and, yes, the industry will bounce back. Inn fact, the travel industry has always come back stronger and safer after every global emergency the world has endured.
Prepare Your Business For The Industry Resurgence
When will the global economy turn around? The answer is still unclear and experts are saying that the worst is yet to come. With wealth destruction, the disruption of global supply chains for manufacturers and retailers, the drop in energy prices and production due to reduced consumption and the reduction in global travel are all things that we can overcome. So, if you are a travel company considering applying for your ATOL Licence, contact a ATOL Consultant or ABTA Consultant today and see how you can prepare your business for the industry resurgence ahead.
Contact LI Advisors
To learn how you can get your ATOL, ABTA and IATA certifications, contact LI Advisors and speak with an expert in UK travel regulations today.
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