Headline Diplomat eJournal: Issue 1
The perilous lenses of COVID-19: The impact on the economy
Tayo Williams, Journalist, Headline Diplomat, LUDCI.eu
COVID-19 is a health crisis that has affected economies on a global scale. Many countries responded to the spread by imposing lockdown conditions.

This has severely affected many industries as well as the personal services delivery overall causing demand and supply-side shocks. And even though many economies are gradually reopening, all borders remain shut to visitors and tourists.

For the first time ever, the UN World Trade Organisation reported that 100 percent of global destinations introduced travel restrictions. As it now stands, international tourism is all but non-existent. Local tourism is extensively restricted by stiff conditions in many countries.

The tourism industry is a critical contributor to the global economy. In 2019, the tourism industry employed about 300 million people globally and accounted for 29% of the world’s services exports. In 2018, direct revenue from tourism was $1,480 billion. This was a 4.4% increase from the previous year, more than the growth of global GDP. International tourism arrivals ...

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