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The Travel And Tourism Industry Prior And During Covid-19 Pandemic– From A Main Global Economic Engine To Its Decline

Author

Listed:
  • EMANUEL EMIL SAVAN

    (Department of Hospitality Services, Faculty of Business, BabeÈ™-Bolyai University, Cluj-Napoca, Romania)

  • OANA RUXANDRA BODE

    (Department of Hospitality Services, Faculty of Business, BabeÈ™-Bolyai University, Cluj-Napoca, Romania)

  • MARINA GORI

    (Master Student, Faculty of Accounting and Management Information Systems, Academy of Economic Studies of Bucharest, Bucharest, Romania)

Abstract

The COVID-19 pandemic and the restrictions on travel established as a response to it, have a serious impact on Travel and Tourism industry. The global health crisis shut down hotels, restaurants and cafes, and many other additional businesses; it has grounded airplanes and greatly affected the Travel and Tourism industry. The aim of this paper is threefold. Firstly, it analyzes and underlines the development, size and dynamics of the Travel and Tourism industry compared to other industries which have a comparable presence worldwide. Secondly, it concisely examines this industry’s direct, indirect and induced contribution to GDP and to employment worldwide, during 2010-2019. Finally, it highlights the prospects for the development of tourism in the future, taking into account the pandemic that we face globally. Moreover, this paper highlights the positive impact this industry had upon the economic growth worldwide in the last years, and the fact that we should not disregard its relevance, as it represents an important global economic engine.

Suggested Citation

  • Emanuel Emil Savan & Oana Ruxandra Bode & Marina Gori, 2020. "The Travel And Tourism Industry Prior And During Covid-19 Pandemic– From A Main Global Economic Engine To Its Decline," JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, Babes-Bolyai University, Faculty of Business.
    • Handle: RePEc:bbn:journl:2020_3_1_savan
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    File URL: https://tbs.ubbcluj.ro/RePEc/bbn/journl/Negotia_3_2020.pdf
    File Function: Revised version, 2020
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    More about this item

    Keywords

    Travel and Tourism Industry; GDP; employment; COVID-19 pandemic;
    All these keywords.

    JEL classification:

    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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