i just want u do the data interpertation just like it is done in the first one
What are your thoughts on Initial Coin Offerings in the crowdfunding ecosystem? How has this concept disrupted (or not disrupted) the landscape?
How might COVID affect crowdfunding campaigns?
2) How do you imagine alternative lending itself will evolve in the next few years? Do you imagine the incorporation of new technologies?
3) Will crowdsourcing disrupt the VC market, or enable it further entirely?
IMPACT OF CORONA VIRUS ON THE TOURISM INDUSTRY OF UAE
1. INTRODUCTION
The COVID-19 pandemic and the steps taken to curtail its spread have a strong effect on the tourism market. According to the United Nations (UNWTO), in
20
20 the COVID-19 pandemic would result in a 20 to
30
percent reduction of the tourism industry. This estimate is likely to be cautious for countries that rely on foreign tourists, as recent data on daily air traffic show a decrease of nearly
80
% since January2020.
While several economic sectors are supposed to rebound as restrictive restrictions are removed, the pandemic has a longer-lasting effect on foreign tourism. This is primarily attributed to decreased consumer trust and the likelihood that the free migration of human beings would be limited longer. COVID-19 impact on tourism The link between Coronavirus (COVID-19) and News, Analysis and Resources The average recovery time for visitors to a destination was about 19 months in previous viral epidemics, according to World Travel and Tourism Commission (WTTC).
The rapid, severe and undoubtedly protracted downturn in the travel and tourism industry has forced international tourism countries to depend heavily on their finances. This involve the tiny developing island countries (SIDS), which are not only most fragile because they are heavily tourist-dependent but also because any shock of this size is challenging for tiny economies to cope with. On average, according to WTTC statistics, the tourism sector accounts for almost 30% of the SIDS gross domestic product (GDP). Of the Maldives, Seychelles, St. Kitts and Nevis and Grenada, this proportion is more than
5
0%. In general, travel and tourism raise around $30 billion annually in SIDS. A
25
% decrease in tourism receipts would result in $7.4 billion or 7.3% decrease in GDP. The decline in certain SIDS may be considerably larger, hitting 16% on the Maldives and Seychelles.
The COVID-19 pandemic is projected to contribute, for several SIDS, to large levels of sales losses immediately without the requirement for an alternate source of foreign currency revenues to fund international debt and pay for imports.
Devastating economic consequences Countries can generally cope with economic storms through additional debt or by using foreign reserves that are available.
Nevertheless, access to global capital markets is becoming more restricting, particularly for small countries like SIDS, which are mostly highly indebted and not quite diversified. The SIDS Group’s foreign debt accounts for an total of 72.4% of GDP, rising up to 200% in the Seychelles and the Bahamas.
Global reserves are usually low, with several SIDS only having adequate reserves for a few months of imports. Despite these figures, it is clear that the economic effects of the pandemic are disastrous for all of the SIDS without external assistance. Immediate financial needs By considering the economic impact of reduced tourism revenues (assuming a 25% decline in tourism receipts ) and restoring the minimum level of import coverage (three months), it is possible to provide a rough estimate of each country’s immediate financial needs to offset the damage of the pandemic. SIDS is reportedly in search of nearly $5.5 billion to combat the negative impact of the pandemic on their economies. The Maldives are in need of $1.2 billion because of their reliance on tourism sales, led by the Bahamas and Jamaica.
The Indian tourism industry is expected to book Rs 1.25 trillion in revenue in calendar 2020 as part of a decrease in hotel shutdown and flight suspension following the onset and spread of the coronavirus (Covid-19) pandemic. A research by Treatment Ratings shows that the percentage is
40
% smaller than the 2019 year.
The report assumes the tourism impact of the pandemic to be around
50
% during January and February 2020, while in March alone, it could be 70 % higher after international flights are suspended. The Indian tourist industry is expected to book a revenue loss of Rs 69,400 crore in April-June, indicating a 30 percent loss year-on-year (y-o – y).
“In the course of H2 2020, assuming the virus impact allowance subsidies, we expect FTAs will still be lower with a FEE impact by approximately 50 per cent, reaching the Rs 56.
15
0 compared with Rs 112.300 crore in H2 2019,” the report said. ALSO READ: Covid-19: Lockdown leaves Chhattisgarh petroleum pumps fight for survival The most immediate and visible effect of Covid-19 can be seen in the hotel.
The 2019 Coronavirus Disease (COVID-19) outbreak has created a worldwide unprecedented level of uncertainty. Countries worldwide are addressing growing health threats and implementing broad socially distant standards, while companies and governments are uniting to support less fortunate people and provide financial support packages to stabilize economic conditions. This is Singapore’s greatest obstacle in its 56-year existence and it is not pleasant to tackle with the globe holding still.
COVID-19 has a very steep effect, to say the least, on transport, tourism, aviation and hospitality. We originally predicted a 25%-30% decrease in the amount of tourists traveling worldwide, but we foresee more decreases as more countries have been identified of diseases and travel restrictions worldwide.
The key goal for all of us in this sector today is to promote steps taken by our governments to ensure that people and communities stay as secure and healthy as possible, and to minimize the risk of infections with any form of transport. Since the beginning of the COVID-19 epidemic, a number of steps have been slowly introduced by the Singapore government to reduce the possibility of imports and the transmission of the virus. We do consult with our trusted collaborators periodically to hold them up-to-date on the situation in Singapore and the steps we take to avoid the spread of the virus.
The Singapore Tourism Board (STB) has initiated many new programs in order to better help tourist enterprises and stakeholders in these difficult times and guide them towards their recovery.
We have launched a Tourism Recovery Action Task Force (TRAC) to develop , implement strategies to support the tourism industry and rehabilitate. In addition, we have been collaborating together with the National Environment Authority (NEA) and other government departments to enforce the ‘SG Safe’ initiative, with the aim of ensuring the general population that our local businesses uphold high levels of cleanliness and sanitation. As a sign of the government’s commitment to high levels of public health, SG Clean
Q
uality marking certification fees for more than 32,000 premises will be waived this year and next.
STB India took the # UnitedWeStand Commercial Engagement Initiative and shared emails, a Letter of Unity and video messages to keep travel business up to date and show solidarity and unity with the travel community in these difficult times. We have also stepped up our market activities by upgrading our Destination Singapore sessions with our clients to improve their client awareness of both the leisure and corporate travel offerings in Singapore. This is really a perfect opportunity for tourism to invest in its residents. We have given our trading partners the online edition of the STB Marketing Course. This helps to build your marketing capabilities and enables you to be ‘Agile, fierce and creative’ in your Singapore marketing.
Although travel restrictions remain, this is an important time for travel agencies to engage more consumers than ever before. Over the last couple of years, we have actively marketed and delivered Passion Made Possible, the destination brand, to audiences in India-families, early and developed jobs, cruise passengers, meetings and reward parties, and travellers from main underground and secondary cities. At present we’ve been in a position of uncertainty with the global foundation of airlines, but after international travel constraints are lifted, we hope to re-activate and promote our primary markets, including India.
India appears to be Singapore’s third-largest source sector, with Tourist Arrivals in Singapore at the 1 millionth level for the fifth consecutive year in 2019.
Singapore has been very resilient in handling the difficulties as a government. Firstly, we invested in a robust system to deal with the SARS outbreak and strengthened our health infrastructure. We do have committed frontline workers that are actively assisted and motivated by the local group.
We trust that we can overcome this because our tourism industry’s fundamentals remain strong. Strong development in tourism over recent years demonstrates that our destination is an desirable place for recreational and business tourists. We do have a broad product range with a large pipeline of long-term initiatives that will be built in collaboration with the industry.
The 2019 Coronavirus Disease (COVID-19) outbreak has created a worldwide unprecedented level of uncertainty. Countries worldwide are addressing growing health threats and implementing broad socially distant standards, while companies and governments are uniting to support less fortunate people and provide financial support packages to stabilize economic conditions. This is Singapore’s greatest obstacle in its 56-year existence and it is not pleasant to tackle with the globe holding still.
COVID-19 has a very steep effect, to say the least, on transport, tourism, aviation and hospitality. We originally predicted a 25%-30% decrease in the amount of tourists traveling worldwide, but we foresee more decreases as more countries have been identified of diseases and travel restrictions worldwide.
The key goal for all of us in this sector today is to promote steps taken by our governments to ensure that people and communities stay as secure and healthy as possible, and to minimize the risk of infections with any form of transport. Since the beginning of the COVID-19 epidemic, a number of steps have been slowly introduced by the Singapore government to reduce the possibility of imports and the transmission of the virus. We do consult with our trusted collaborators periodically to hold them up-to-date on the situation in Singapore and the steps we take to avoid the spread of the virus.
The Singapore Tourism Board (STB) has initiated many new programs in order to better help tourist enterprises and stakeholders in these difficult times and guide them towards their recovery.
We have launched a Tourism Recovery Action Task Force (TRAC) to develop , implement strategies to support the tourism industry and rehabilitate. In addition, we have been collaborating together with the National Environment Authority (NEA) and other government departments to enforce the ‘SG Safe’ initiative, with the aim of ensuring the general population that our local businesses uphold high levels of cleanliness and sanitation. As a sign of the government’s commitment to high levels of public health, SG Clean Quality marking certification fees for more than 32,000 premises will be waived this year and next.
STB India took the # UnitedWeStand Commercial Engagement Initiative and shared emails, a Letter of Unity and video messages to keep travel business up to date and show solidarity and unity with the travel community in these difficult times. We have also stepped up our market activities by upgrading our Destination Singapore sessions with our clients to improve their client awareness of both the leisure and corporate travel offerings in Singapore. This is really a perfect opportunity for tourism to invest in its residents. We have given our trading partners the online edition of the STB Marketing Course. This helps to build your marketing capabilities and enables you to be ‘Agile, fierce and creative’ in your Singapore marketing.
Although travel restrictions remain, this is an important time for travel agencies to engage more consumers than ever before. Over the last couple of years, we have actively marketed and delivered Passion Made Possible, the destination brand, to audiences in India-families, early and developed jobs, cruise passengers, meetings and reward parties, and travellers from main underground and secondary cities. At present we’ve been in a position of uncertainty with the global foundation of airlines, but after international travel constraints are lifted, we hope to re-activate and promote our primary markets, including India.
India appears to be Singapore’s third-largest source sector, with Tourist Arrivals in Singapore at the 1 millionth level for the fifth consecutive year in 2019.
Singapore has been very resilient in handling the difficulties as a government. Firstly, we invested in a robust system to deal with the SARS outbreak and strengthened our health infrastructure. We do have committed frontline workers that are actively assisted and motivated by the local group.
We trust that we can overcome this because our tourism industry’s fundamentals remain strong. Strong development in tourism over recent years demonstrates that our destination is an desirable place for recreational and business tourists. We do have a broad product range with a large pipeline of long-term initiatives that will be built in collaboration with the industry.
COVID-19, a modern coronavirus strain dubbed Extreme Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), has had more impact on tourism and travel comportament than any live memory disease epidemic. Tourism has been one of the key popular images of COVID-19 in foreign media in the realm of public health. The essence of the tourism mechanism implies that tourism has also led to the spread of the disease and has endured the effects of the disease in the tourism benefit and supply chains. The global reach of this disease and the implementation of conventional disease controls in the form of quarantine, reduced mobility and isolation, together with a variety of sector-specific impacts, including transport, travel and reservation, hostels, restaurants, conventions and events and attraction have had a dramatic impact on international tourism and home affairs.
To maps out the effect of COVID-19 on tourism and the sector’s reaction at different scales and to contribute for a deeper understanding, Current issues in tourism call for analytical papers based on the influence of COVID-19 on economies, locations, organisations, businesses, customers, locations, transit areas and tourism transport. These correspondence are especially tailored to CIT study letters and study observations, but we also accept more detailed submissions, including those attempting to recognize shifts in the course of time as a consequence of COVID-19, or to add to a wider theoretical view of stability, crisis and catastrophe. Although all COVID-19 articles must be checked by colleagues, we must try to publish them as quickly as possible in order to help spread related work.
Not only has the global pandemic of the new corona stopped entire socio-economic structures, it also challenged globalization and corporate global operations. Paradoxically, the possible effects and alternate consequences are still uncertain. But in most weakening economic sectors a permanent and fresh start is required to rapidly restore and reclaim the market, employment and company functions. Conventionally, an illness was used to target disadvantaged populations in their diet with food, safety deprivation, and they typically were the poor citizens of community. Ironically, the latest Corona virus first struck overseas tourists and sparked the pandemic during flight, which primarily challenged the wealthy social class worldwide.
Because tourism is one of the world’s largest and fastest growing sectors, after the Covid 19 pandemic, it is expected to play an significant role in restoring socio-economic stability. It is a big contributor to the economies of the Iceland and one of India ‘s main industries that produce much required foreign currency. Long-suffering tourism on the island was recently hit hard by the Easter bombing in many areas including in the country’s luxurious hotels. The tourism industry in India is in danger of having the first successful check conducted by the Indian national COVID-19 who was a local patient on
10
March 2020. The victims were again a tourism team, who worked with a group of Italian visitors for a 52-year-old tour guide. The continuing threats to the country arise.
Tourism with effect to the outbreak of the virus led to the suspension of the visas for tourists on 11 March 2020 in government hospitals, which includes eight foreigners, following the new developments.
Unfortunately, this exponential spread of the virus actually exceeded 233 (as at 15 April 2020 and continues to grow), even as the specific government activity to defend citizens against the epidemic is well managed and treated properly. As a consequence, aviation has been one of the main contributors to the global transport of the virus, and has created tremendous strain on foreign transportation and aviation activities , particularly the airline industry. Recently, it has been reported that Qantas has accepted virus infection through a wide number of its staff, which is a global problem. As an business umbrella activity, the shipping, leisure, hotel and MICE sectors are currently facing massive challenges. This review critically evaluates the global and local context of the outbreak, the impact of the outbreak and recommendations for a rapid recovery (short and long term).
GLOBAL PANDEMIC OF NOVel CORONA (COVID 19) Much human longevity in the modern world can be traced to tourism. International tourism has recorded sustained progress for the ten consecutive year, according to the World Tourism Organisation (2020), with 1.5 billion foreign tourist arrivals in 2019 and an expected 1.8 billion global tourist arrivals in 2030 (UN news, 2017). The reporting of the COVID 19 or the Corona outbreak started in the province of Hubei (Wuhan) City in India in November 2019, and spread around the world by March 2020 was remarkable in the world history as the world’s most challenging tragedy following decades may be the Second World War. Effective constructive and preventive steps will tackle the problem creatively in view of the current circumstance and resolve potential challenges to the socio-economic well-being of everybody who has the room for expanded travel and tourism.
However, decisions to regulate people’s and goods movements primarily impact sectors such as tourism, as tourism involves transportation, sea transport, handling of food, accommodation, entertainment, leisure etc. Despite the pandemic of Covid 19 on Indian tourism, page 2 of 19 states that India is best known for managing the COVID 19 pandemic than other countries in the world, and that quarantine and medical facilities too have been provided for foreigners while other developing countries have declared that non-residents quit the region, personal appliances, etc. In the future, therefore, this situation would be good for flourishing India tourism, even if it gains losses today.
As a country with much less experience of global epidemics over the last few decades, there was no clear technical agenda for such a worse tragedy in India. However, with this limited experience, India was the first country after India to undertake the mitigation and control measures necessary for COVID 19. Also India has taken measures as cases have begun to be identified of deaths from the region. Before India’s first case, the Indian government began with quarantining and some specific health measures and airport preparedness, with thermal scanners. In the first case of Corona infected patients (a Chinese tourist) the second patient was reported from India on February 18, 2020.
CHAPTER 2 LITERATURE REVIEW
J. T., Ajelli, M., Gioannini, C., Litvinova, M., Merler, S(2020) suggested that Complete COVID 19 New infections recorded in India World Complete infections 218 1,934,557 New deaths 8 120,438 Total recoveries 59 456,737 Total infection in the Indian area Source: worldometers.info & Ministry of Health, India, IMPACTS ON Travel, HOTEL AND MICE INDUSTRY The effects of the deadly virus are extreme than predicted by rate of pace As India is a country lacking resources, strategic approaches to minimize economic recession are important to incorporate. In this context, tourism as the country’s third largest foreign exchange operator has collapsed totally with the fear of travel and the need to maintain social distance. Over the last 40 days, visa requirements were imposed and the international airport closed, the countries and cities were curfewed and locked, allowing citizens to return to their countries with different flight arrangements in various countries. At present it’s a bad problem, because the entire planet is shut away or socially isolated, people are reluctant to book something before the agony of the outbreak subsides and the epidemic is regulated in the planet.
Remuzzi, A., & Remuzzi, G. (2020), suggested that tourism is a networked industry with many other business sectors, including hotel, local, education, finance, agriculture, medical, travel and transport, construction, real estate, retail and vice versa. Since the country’s economy is heavily influenced by tourism, it is important to research how industry dependence will influence the recovery of its key sub-sectors after a pandemic subsides. The indirect effect on the travel and tourism sector can not be conveniently and necessarily calculated in this sense is a major loss in both the short and long term. Since India is a country which plays a major role in developing countries, relying heavily on the services sector, the tourism industry. Over the past year it was 12,5 per cent for travel and tourism, whereas the ratio of travel and tourism to GDP is 19,4 per cent on page 4. It is also evident that the tourism industry is benefiting developed countries tremendously. Protecting this industry will therefore be a major investment in the countries’ potential prospects for growth. Therefore, if we have to concentrate on the future development of India through the tourism sector, we must protect all the tourism service providers.
Daily FT. (2020). Suggested that there are many service providers, including accommodation providers, travel agencies, event coordinators and transport providers. They earn no revenue from their tourism goods in the current scenario. It is therefore necessary to protect these sectors and to retain them to meet the country’s potential tourism demand. Otherwise the money might be diverted to other sectors under which the tourism sector faces the struggle to locate its service suppliers in the future. To resolve this condition, it is ideal to temporarily free them from their company debts, help maintain their staff and use tourism services such as hotels as quarantine centers, with a monthly rental to the organisation. The technologies and media advances available are expected to overcome this emergency in a short space of time. Protecting the tourism industry will also be a strong investment in the country’s future growth.
Litvinova (2020), suggested that one of the main foundations of contemporary economies and social structures is urban tourism and hospitality. Similarly, for several countries in the world, the hotel industry constitutes a major revenue generation market similar to India. After a global recession, though, the tourism and hospitality sector is also the first to be severely affected. According to the March 2020 research published by the multinational hospitality data company STR, it reveals that the current COVID-19 coronavirus pandemic has seen a dramatic decline in occupancy levels of nearly 96% around the world’s hospitality industry. This pandemic also affects India’s tourism sector and the data from the Indian Tourism Development Authority showed a decrease of 30% from total tourist arrivals as compared to the 1st quarter of 2019.
Gioannini,(2020) suggested that the decline in Indian tourism revenues may range between USD 107 million – USD 319 million, according to ADB’s March 6, 2020 estimates. The epidemic influenced both the public and private sectors in the country and is visible in the activities of the Colombo Stock Exchange. Moreover, this form of crisis has a detrimental effect on the country ‘s attractiveness to foreign direct investments. Though recognizing the current and post-negative effects of this pandemic, the Government of India (GoSL) has taken many action on page 5 of 19 to allow India to react to the COVID-19 pandemic. Indefinite curfew, transport restrictions and vigorous social distancing initiatives throughout the world are some of the main steps that the Government has reportedly implemented in order to control the spread of the Covid 19 epidemic.
Daily FT. (2020). Suggested that there is no question that this pandemic has had a great deal of adverse effects on Indian Tourism, hotel and MICE industries. The tourism industry in India has slowly recovered since the April 2019 Easter attacks. India was also a country that eradicated the civil war for 30 years in 2009. It is therefore important to enhance public safety preparedness in the country and to take appropriate steps to cope with certain forms of unforeseen risks / challenges. Any of the main suggestions were then created to resolve the adverse impacts of the epidemic of corona-19. First, it is important to spread the positive news to potential tourists through news networks and social media platforms. Maintaining foreign promotional drives is also an significant factor in Indian tourism and hospitality marketing and promotion. Furthermore, since pre-paid rates are unlikely to be booked with current market uncertainties, the removal of non-cancelation fees is highly recommended.
Remuzzi, A., & Remuzzi, G. (2020), suggested that furthermore, encouraging convenience levels and allowing visitors to switch their reservations to a new date is another effective tactic to grow the hotel company for emergency cancels coverage. In addition , it is essential to amend existing hotel policies in a timely manner, such as flexic cancelation policies, flexibly charges for all services and ensuring strict hygiene policies. The usage of simplicity as a key marketing tool is highly encouraged, because it can help draw a number of companies. Given the current scenario, citizens are fearful of traveling to city-limited resorts, encouraging remote resorts is another effective tactic to draw visitors. Particularly resort-type hotels, environmentally sustainable hotels and remote attractions / locations focused on nature and culture may have great potential to promote themselves. Such tactics will also help draw visitors from MICE and raise F&B sales. Since this type of crisis has an effect on global hospitality, it is important to recognize the value of domestic tourism promotion Page 6 of 19. In particular, virtually all hotels will lower rates in circumstances which minimize the perishability of the facility.
Chinazzi, M., Davis, J. T., Ajelli, M., Gioannini, C., Litvinova, M., Merler, S
(2020) suggested that it will be also a perfect chance for experienced visitors to use a hotel or utilize facilities at even cheaper costs in a hotel. Around the same period, it is often advised that versatile resources be marketed rather than value added resources. Due to the pandemic situation, people are extremely concerned about their health and safety. It is also necessary to take some additional time to clean up the whole hotel. These strategies will have a positive effect on ensuring clean safety and a safe environment for guests. Finally, joint approaches between the public and private sectors are suggested. Specially, government could initiate tax reduction schemes (for certain period of time) for both micro and macro level business owners, could think of introducing interest-free capital loan schemes and job guarantees for permanent carder employees.
RESEARCH METHODOLOGY
The goal of the analysis is to calculate the effect on the tourism industry in India of the incidence of corona virus. The secondary approach for analysis has been applied. Several literature records, journal articles, work or thesis reports, government documents, etc., is regarded as gathering the details required for the study. For data analysis, detailed literature analyses also gathered secondary data. Government statistics on corona virus incidences have been obtained. In order to understand the effect of the Corona virus on the Chinese tourist industry, statistical data from renowned and genuine data sources were collected.
Research reveals that corona virus activity in India has major consequences worldwide. Global tourists have cancelled their visit to India programs, and Chinese visitors are forbidden from entering places that are monitored. The fast dissemination of the Corona virus in India interrupted people’s usual lives in India. This apprehension has influenced the domestic and foreign tourism industry. The airlines have recently cancelled all services to and from India, to avoid the infection from being exported to other nations. This has significantly influenced the economy of the region. The intensification of the Corona virus is projected to have a long-term effect on India’s tourism industry.
RESEARCH OBJECTIVES
1. To study about the corona virus and its various factors
2. To study about the impact of corona virus on tourism industry of UAE
CHAPTER 4 DATA ANALYSIS
Name *
Q
Q Gender *
o Male
· Female
|
Male |
80 | ||||||||
|
Female |
20 |
DATA INTERPRETATION
The survey was conducted and it was seen that 80 respondents were male while 20 respondents were female.
Q What is your age?
Under 18
·
19-28
o
29-
35
p 36 Above
| Under 18 | 10 | ||||||||||
| 19-28 | 25 | ||||||||||
| 29-35 | 35 | ||||||||||
|
Above 36 |
30 |
DATA INTERPRETATION
The survey was conducted and it was seen that 10 respondents are under 18 years of age while 25 respondents are of age group 19-28 and rest are above 35 years of age.
1. Do you like to travel outside your country for enjoyment with family?*
o Strongly
Agree
o Agree
o
Neutral
q
Disagree
o Strongly Disagree
|
Strongly agree |
||||||||||
| Agree | ||||||||||
| Neutral | ||||||||||
| Disagree | 5 | |||||||||
|
Strongly disagree |
DATA INTERPRETATION
The survey was conducted and it was seen that 30 respondents strongly agree while 20 agree and rest disagree with it.
2. Do you think that current situation has impacted your plan to travel outside?
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
|
Strongly agree |
||||||
|
Neutral |
DATA INTERPRETATION
The survey was conducted and it was seen that 30 respondents responded that they strongly agree that current situation has impacted their plan to travel outside while 20 responded that they agree with that and other disagree with it.
3. Do you think that COVID 19 pandemic has created a fear in your mind to travel to certain places especially India? *
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
| 15 | ||||||||
DATA INTERPRETATION
The survey was conducted and it was seen that 30 respondents strongly agree that COVID-19 pandemic has created fear in their mind while 20 respondents agree with that fact and others disagree with the concept.
4. Do you agree that this pandemic corona virus has been a major reason for cancelling of your travel plan?. *
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
DATA INTERPRETATION
The survey was conducted and it was seen that 30 respondents responded that they strongly agree with the question asked while other 20 respondents had neutral response and 25 respondents disagree while 15 strongly disagree with it.
5. Do you think that there has been a huge loss to the airline sector and tourism industry due to COVID-19?
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
Strongly agree
30
Agree
10
Neutral
20
Disagree
25
Strongly disagree
15
6. Do you think that even after the situation of COVID-19 gets better you will travel outside after sometime?*
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
| 50 |
DATA INTERPRETATION
The survey was conducted and it was seen that 50 respondents strongly agree with the concept and rest 15 respondents disagree and other 15 strongly disagree.
7. Do you agree that after few months you will resume your trip plans to travel outside you country? *
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
Strongly agree
30
Agree
10
Neutral
20
Disagree
25
Strongly disagree
15
DATA INTERPRETATION
The survey was conducted and it was seen that 30 respondents responded that they will resume their trips back soon while other 25 responded that they disagree with this.
8. Do you think that Tourism industry can recover from this COVID-19 situation?*
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
| 40 |
DATA INTERPRETATION
The survey was conducted and it was seen that 40 respondents strongly agree with the issue that tourism can recover from the pandemic situation while 25 disagree with this concern.
` 9. Do you think that after corona vaccine development people will resume their travel ?*
o
Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree
Strongly agree
30
Agree
10
Neutral
20
Disagree
25
Strongly disagree
15
DATA INTERPRETATION
The survey was conducted and it was seen that 30 respondents strongly agree with the issue while 10 agree and 20 have neutral response and rest disagree with it.
CONCLUSION
Today, this global public health epidemic has plunged the planet and, ultimately, the travel hotel sector into a devastating economic crisis. The stabilization will be gradually paralleled with the improvement of other industries, including the war against the epidemic and economic growth. In response to the changing conditions, the measures proposed must be implemented gradually. Therefore, the welfare of tourists and workers has become a key priority for stakeholders in the hospitality business. Effective publicity and advertising initiatives both domestically and abroad will be implemented in order to restore company losses and re-establish the good reputation of visitors. Furthermore, the marketing of “Flexi-services” is another competitive strategy for gaining new clients.
Thus, offering variable costs, annulment rules, versatile work climate, etc. will help the business hospitality industry’s long-term survival. The MICE industry was one of the first to feel its impact and one of the hit hardest. Hundreds of activities around the globe have been canceled following the start of the outbreak. And this will have a direct effect on the Sri Lankan MICE industry and the country’s growth. It is also vital and will play a key role in the global recovery from Covid-19. Digital and digital conferences also serve as two alternative alternatives to explore in the face of uncertainty so we will reap the amount of benefits by growing our financial advantages, increasing participation, measurability so promoting change.
REFERENCES
· Chinazzi, M., Davis, J. T., Ajelli, M., Gioannini, C., Litvinova, M., Merler, S., … & Viboud, C. (2020). The effect of travel restrictions on the spread of the 2019 novel coronavirus (COVID-19) outbreak. Science.
· Congrex Team. (2020). Disruption in the business events industry; Rising to the challenges of Covid-19. Online available at
https://congrex.com/blog/disruption-
business-events-industry-challenges-covid-19/.
retrieved on 15th April 2020.
· Daily FT. (2020). Tourism industry meets to assess COVID-19 impact, way forward. Retrieved from
http://www.ft.lk/front-page/Tourism-industry-meets-to-assess-
COVID-19-
impact-way-forward/44-696983
· Daily Ft. (2020). Tourist arrivals fall 17.7% in Feb. Retrieved from aily FT. (2020). Tourism industry meets to assess COVID-19 impact, way forward. Retrieved from
http://www.ft.lk/front-page/Tourism-industry-meets-to-assess-COVID-19-
impact-way-forward/44-696983
·
https://asia.nikkei.com/Spotlight/Coronavirus/Empty-hotels-in-Sri-Lanka-and-Nepal-
point-to-lengthy-economic-hit.
retrieved on 15th April 2020.
· https://asia.nikkei.com/Spotlight/Coronavirus/Empty-hotels-in-Sri-Lanka-and-Nepal-
point-to-lengthy-economic-hit
(accessed on 13 April 2020).
·
https://www.phocuswire.com/str-global-hotel-data-march-21-coronavirus.
retrieved on 15th April 2020.
·
https://www.phocuswire.com/str-global-hotel-data-march-21-coronavirus
(accessed on 15 April 2020).
·
https://www.pwc.com/lk/en/assets/COVID-19-Impact-on-Sri-Lanka-PwC .
retrieved on 12th April 2020.
·
https://www.pwc.com/lk/en/assets/COVID-19-Impact-on-Sri-Lanka-PwC
(accessed on 13 April 2020).
· Ranasinghe, R. (2015). Strategic myopia of tourism development in Sri Lanka: A critique. International Journal of Multidisciplinary Research and Development, 2(2), 604-609.
· Ranasinghe, R., & Sugandhika, M. G. P. (2018). The contribution of tourism income for the economic growth of Sri Lanka.
· Remuzzi, A., & Remuzzi, G. (2020). COVID-19 and Italy: what next?. The Lancet.
· United Nations World Tourism Organization, (2020). Impact assessment of the Covid-
· 19 outbreak on international tourism online available at
https://www.unwto.org/impact-assessment-of-the-covid-19-outbreak-on-
international-tourism,
retrieved on 15th April 2020.
· Wen, J., Aston, J., Liu, X., & Ying, T. (2020). Effects of misleading media coverage on public health crisis: A case of the 2019 novel coronavirus outbreak in China. Anatolia.
https://doi.org/10.1080/13032917.2020.1730621.
ANNEXURE
QUESTIONNAIRE
Name *
Q
Q Gender *
o Male
· Female
Q What is your age?
Under 18
· 19-28
r 29-35
s 36 Above
2. Do you like to travel outside your country for enjoyment with family?*
p Strongly Agree
o Agree
p Neutral
t Disagree
p Strongly Disagree
3. Do you think that current situation has impacted your plan to travel outside?
o
Strongly Agree
p Agree
p Neutral
p Disagree
p Strongly Disagree
4. Do you think that COVID 19 pandemic has created a fear in your mind to travel to certain places especially India? *
o
Strongly Agree
p Agree
p Neutral
p Disagree
p Strongly Disagree
5. Do you agree that this pandemic corona virus has been a major reason for cancelling of your travel plan?. *
p
Strongly Agree
o Agree
p Neutral
p Disagree
p Strongly Disagree
6. Do you think that there has been a huge loss to the airline sector and tourism industry due to COVID-19?
o
Strongly Agree
p Agree
p Neutral
p Disagree
p Strongly Disagree
7. Do you think that even after the situation of COVID-19 gets better you will travel outside after sometime?*
o
Strongly Agree
p Agree
p Neutral
p Disagree
p Strongly Disagree
8. Do you agree that after few months you will resume your trip plans to travel outside you country? *
o
Strongly Agree
p Agree
p Neutral
p Disagree
p Strongly Disagree
9. Do you think that Tourism industry can recover from this COVID-19 situation?*
o
Strongly Agree
p Agree
p Neutral
p Disagree
p Strongly Disagree
` 10. Do you think that after corona vaccine development people will resume their travel ?*
p
Strongly Agree
o Agree
p Neutral
p Disagree
p Strongly Disagree
Strongly agree Agree Neutral Disagree Strongly disagree 30 20 10 5 35
Strongly agree Agree Neutral Disagree Strongly disagree 30 20 10 5 35
Strongly agree Agree Neutral Disagree Strongly disagree 30 20 15 15 20
Strongly agree Agree Neutral Disagree Strongly disagree 30 10 20 25 15
Strongly agree Agree Neutral Disagree Strongly disagree 30 10 20 25 15
Strongly agree Agree Neutral Disagree Strongly disagree 50 10 10 15 15
Strongly agree Agree Neutral Disagree Strongly disagree 30 10 20 25 15
Strongly agree Agree Neutral Disagree Strongly disagree 40 10 10 25 15
Strongly agree Agree Neutral Disagree Strongly disagree 30 10 20 25 15
Male Female 80 20
Under 18 19-28 29-35 Above 36 10 25 35 30
Impactof Covid-19 on Tourism Industry of UAE
IMPACT OF COVID 19 ON TOUR
S
IM INDUSTRY OF UAE
STUDENT’S NAME
PROFESSOR’S NAME
COLLEGE
DATE
Abstract
The major source of economic stabilization in Middle East countries is oil production and export. The recent pandemic is causing turbulence to the economies of the Middle East region. A sudden drop in domestic and external demand for goods and products especially crude oil, downfall in the crude oil prices, halts in the production due to labor shortage are some of the major impacts observed in the region. Additionally, falling consumer confidence coupled with the tightened financial condition is also decreasing the economic activities in the region. The World Travel and Tourism Council have warned the COVID-19 pandemic could cut 50 million jobs worldwide in the travel and tourism industry. Once the outbreak is over, it could take up to 10 months for the industry to recover. The tourism industry currently accounts for 10% of global GDP. The UAE economy derives much from its tourism industry. Studies project the travel and tourism industry will contribute about Dh312.4 billion to the UAE’s GDP by 2027. It is apparent that the industry and its employees are the backbone of the economy. But if businesses in this industry don’t receive immediate aid from the government, the chances of them surviving the coronavirus outbreak are slim even though they were growing at a commendable rate before the outbreak (Hill, 2020). The coronavirus epidemic is putting up to 50 million jobs in the global travel and tourism sector at risk, with travel likely to slump by a quarter this year. The United Arab Emirates has implemented a travel ban on non-Emiratis residents, reduced customs fees and municipality fees, cut interest rates and is rolling out a $27 billion stimulus package to attempt to reduce the impact of the coronavirus on the economy. With tens of thousands infected across the region and thousands of lives lost, it is clear that Covid-19 will exacerbate governance failures, sectarianism, tensions between secularists and Islamists, and deepens economic cleavages within and between the states. The United Arab Emirates began implementing social distancing measures whilst the virus was still at its infancy.
The impact would be felt most on the economic front as capital markets tumble, tourists evaporate in the midst of a ban on flights and lockdowns, and oil prices contract. Chinese buyers are involved in a significant portion of real estate transactions in the UAE. With China still recovering from the virus, these Chinese buyers have postponed making new purchases. Given the vast economy of UAE with its glut of property, even before the virus, this city-state is confronting economic catastrophe. With the UAE cancelling its Expo 2020 and Saudi Arabia not allowing the annual haj pilgrimage to take place, hundreds of millions of dollars were lost for both states. The UAE was expected to attract 25 million visitors to its Expo 2020 event which was to be held in October 2020. It is perhaps in tumbling oiI prices, the core export for most Gulf Cooperation Council (GCC) states, where the greatest economic impact will be felt.
Literature Review
Author and Title- “Coronavirus: The world economy at risk” (OECD2020)
Model – NiGEM macro model
Assumptions- Monetary policy is allowed to be endogenous. The automatic fiscal stabilizers are allowed to operate fully in all countries, implying that governments do not react to the shock by attempting to maintain a previously announced budget path
Scenarios;
· Contained Outbreak (short lived but severe downturn in China) – Domestic demand in China and Hong Kong, China is reduced by 4% in the first quarter of 2020, and 2% in the second quarter of 2020. Global equity prices and non-food commodity prices are lowered by 10% in the first half of 2020. – Higher uncertainty is modeled via a small rise of 10 basis points in investment risk premia in all countries in the first half of 2020. This raises the cost of capital and reduces investment. Results -China GDP loss = -0.2 percentage point in 2020H1; Reduction of China import demand = -6%; World GDP is reduced by to 0.5 percentage point in 2020; Global trade declines 0.9% in 2020 (and 1.4% in first half of 2020)
· A “domino” scenario: broader contagion- -Domestic demand in most other Asia-Pacific economies, including Japan and Korea, and private consumption in the advanced northern hemisphere economies are reduced by 2% (relative to baseline) in the second and third quarters of 2020. – Global equity prices and non-food commodity prices are lowered by 20% in the first nine months of 2020. – Heighted uncertainty is modeled via an increase of 50 basis points in investment risk premia in all countries in 2020. Results -World GDP is reduced by up to 1 ½ per cent; World trade is declining by around 3 ¾ per cent in 2020
To carry out the literature search efficient literature search techniques and strategies have been implemented by the researcher, for instance, the keyword and Boolean Operators techniques along with strategies like most recent and relevant literature are selected. The most important technique of literature search is searching the important literature with the help of keywords. The literature search has been carried out in few integral steps which are question formulation, defining the key concepts and keywords, selection of databases, carry out a search, evaluation of the search results, lastly selection of the most relevant pieces of literature for conducting the study and collecting important information for the study. For keyword searching the research, question has been broken into several parts to find out the key concepts of the study. Then, the keywords and their entire synonyms and acronyms are used to search the essential literature. Apart from the keywords technique, the Boolean operator method is also used to search for the necessary literature for the study. The essential secondary data has been collected from the selected literature to carry out an authentic research study on the topic
Research Methodology
We ought to use primary data and the best way is through interviews and questionnaires. In terms of indicators, the evaluation should aim to draw on different types of indicators (i.e., latest inputs, outputs, outcomes, impacts,) to reflect the key results in the disease’s theory of change. Impact evaluations of (COVID-19) should ideally use the indicators that were selected for monitoring performance throughout the disease implementation period, and how coronavirus pandemic has spread across the UAE and the world in general. We can also employ and have links to data collection instruments, including surveys, for assessing COVID-19-relevant Behavioral and Social Science (BSSR) domains for clinical or population research where participants will voluntarily give their feedback. We would also observe COVID-19 related Lifestyle Change (work, sleep, school, testing positive, family, and exercise) and how this has impacted tourism and travel in the UAE. Analyze disruption to daily activities and social interactions–how the pandemic has impacted routines, social activities and interactions. Financial Hardship—how the COVID-19 pandemic has affected finances and created and/or exacerbated financial hardships reduced both local and international tourists. Scrutinize perceived benefits; how experiences with the pandemic have led to any perceived benefit or positive contribution and counter the opposite too. Functional social support; access how availability and use of social resources during the pandemic has impacted the tourism industry. Finally, access perceived stress management and ability to manage stress and how this has influenced ability to implement skills to manage pandemic related stressors. We would also look at trends in social media platforms and media houses for this data.
The Questionnaire
COVID-19 IMPACT ON TOURISM QUESTIONNAIRE
What is the name of your company?
What is your line of business?
How is your company affected by the coronavirus pandemic?
Your feedback matters and will help inform assistance from Governments and Donors.
This anonymous survey will take less than 10 minutes to complete.
The, World Travel and Tourism Council, appreciates your participation during this difficult time.
|
How have your business operations been affected by the coronavirus (COVID-19) pandemic? If yes, how? |
|
Not affected Slightly affected Moderately affected Strongly affected Example of effects: |
|
Do you think there is a risk that your business will permanently shut down because of this crisis, and if so, when could this closure occur? |
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1 month or less 3 months 6 months or more Business closure not envisaged |
|
Has the coronavirus (COVID-19) pandemic affected the ability to purchase inputs for your enterprise and/or sell outputs? |
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Difficulty accessing inputs domestically Difficulty importing inputs from abroad Lower domestic sales to consumers Lower domestic sales to businesses Increased domestic sales Difficulty exporting Improved exporting Don’t know |
|
Has the coronavirus (COVID-19) pandemic affected your enterprise in any of the following ways? |
|
Temporary shutdown Employee absences due to sickness or childcare Clients not paying their bills Reduced logistics services Reduced certification services New problems with infrastructure, e.g. internet or roads Increased administrative bottlenecks Reduced investment None of the above Other, please specify: Don’t know |
|
Have you adopted any of the following strategies to cope with the crisis? |
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Temporarily reduced employment Laid off employees Loaned employees to other enterprises Teleworking Rescheduling of bank loans Increase marketing efforts Online sales Customized / new products Started sourcing from new suppliers Filed for bankruptcy Other, please specify: None |
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Please select the top three government measures that would be most helpful as you cope with the COVID crisis. |
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Employment programs (e.g. temporary unemployment programs or social security waivers) Financial programs, such as low interest credit line or credit guarantees Tax waivers or temporary tax breaks Reduction of tariffs on imported inputs Rent subsidies Cash transfers Support to self-employed Other services, please specify: |
|
How easy is it to access information and benefits from government COVID-related SME assistance programs? |
|
Very easy Easy Standard Difficult Very difficult |
|
How many full-time employees does the business have? |
|
0 1-4 5-19 20-99 100-249 250 and more |
|
What is the main sector of activity of the business? And what does it involve? |
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Agriculture Mining and natural resources Agri-food processing Non-food manufacturing Retail and wholesale Travel and transport Accommodation and food services Information technology Finance Other services, please specify: |
|
What is the gender of the top manager of the business? |
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Female Male Don’t know |
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What is the age of the top manager of the business? |
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34 years and younger 35 years of age and older Don’t know |
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Is this establishment currently registered with or licensed by a national authority? |
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Yes, registered business Freelancing/independent/consultant No, unregistered business Do not know |
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Does the business participate in international trade? If yes, what other countries? |
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No, we buy and sell within our country only We import but do not export We export but do not import We export and import |
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Please provide your email address if you would like to receive a copy of the report based on the responses to this survey and agree to be contacted by the International Trade Centre about future opportunities in your country. Your data will be kept confidential. |
|
email: |
Research Objectives
The objective of this study is to measure the impact of the occurrence of Covid-19 on the tourism industry in United Arab Emirates.
The report will cover:
· A comprehensive research methodology of the pre and post-COVID-19 impact on the UAE economy based on tourism.
· A detailed and extensive tourism market overview with key analyst insights.
· An exhaustive analysis of macro and micro factors influencing the tourism market guided by key recommendations.
· Analysis of regional regulations and other government policies impacting the UAE economy in regards to tourism.
· Insights about international tourism market determinants which are stimulating the UAE economy.
· Detailed and extensive tourism market segments with regional distribution of forecasted revenues.
· Extensive profiles and recent developments of market players in the tourism industry.
Data Analysis and Interpretation
Prior to the outbreak, airlines had planned to increase seat capacity in 2020 by 3.5%
(International by 3.2% and domestic by 3.7%), compared to 2019. According to the latest estimates, passenger seat capacity could instead drop from the above Baseline by 32% to 59% (international by 38% to 71% and domestic by 28% to 51%). This capacity level would be 30% to 58% (international 36% to 70% and domestic 25% to 49%) below the 2019 level.
Biggest capacity reduction (%) is expected to be in Europe, followed by Africa and Middle East.
To prop up the economy, the UAE Central Bank has announced a $27bn support plan for banks, while Dubai has announced $409m in direct stimulus for the energy, trade, retail and tourism sectors. Individual government-related entities have also begun issuing support packages for their business partners and suppliers. According to Aljazeera, recent travel restrictions imposed to curtail the outbreak could pose a very serious risk as well to the hospitality and tourism industry in the UAE, which is set to host Expo 2020 in Dubai and attract a staggering 11 million tourists to the area. Predictions like these, however, are largely speculative. As it stands, the city’s financial sector is still performing well, the country’s gross domestic product (GDP) saw a growth of 2.9 percent in 2019, and there is no indication that passenger numbers have declined. The UAE has adopted a series of policies that appear to have prevented a full-scale outbreak on its territory as well as preserve its vital commercial ties to Asia. While many nations around the world have seen both, medical and economic fallout in recent weeks, with Southeast Asia being dealt a serious blow, the UAE’s balanced approach is one that can and should be replicated.
Fig: Global Economic Effects of COVID-19
Fig: Projected Government Fiscal Balances Relative to GDP In percent shares of Gross Domestic Product
Fig: Gross Domestic Product, Percent Change
Travel and Tourism
Air transportation is an important source of revenue for the UAE, being home to Emirates, the world’s largest long haul airline, as well a center for other major regional carriers such as Etihad Airways and Air Arabia. According to a 2019 report from the International Air Transport Association, air transportation accounted for $19.3 billion, or around 5% of the U.A.E’s GDP last year. Tourism doubles this figure. The World Travel and Tourism Council had travel and tourism accounting for over 11% of the U.A.E’s GDP in 2018. All airlines will have to contend with cancellations as further flight restrictions come into effect. With global travel almost certain to be severely disrupted well into Q2 of 2020, this is definitely a key part of the U.A.E’s economy that will take a hit. Shares in Air Arabia fell to lows of 1.08AED during Monday’s trading session before recovering slightly in the following days. They are currently down more than 30% year-to-date.
Flights halted- A given hotel, which has reduced staffing to 20%, is among hundreds of similar establishments facing similar strains in Dubai, where tourism accounts for more than 11% of GDP and supports the retail, transport and construction sectors. The hotel put 300 employees on unpaid leave and shut its pool bar and beach club, after the pandemic hit global travel and led the United Arab Emirates to close most public venues. The World Travel & Tourism Council said Dubai was the third largest city in the world in attracting direct international tourism spending, with $28 billion in 2019. More than 16 million tourists visited the city last year, the government said. State-owned Emirates airline, which posted 862 million dirhams ($234.70 million) in profits in the first half of 2019, halted passenger flights even before the UAE suspended all passenger flights, except evacuations trips. Dubai is the most vulnerable Middle East economy to coronavirus travel curbs and state firms could be forced into a debt restructuring or seek help from UAE capital Abu Dhabi. Dubai’s debt burden is at around $135 billion (125% of GDP), almost half due before end-2024, Capital Economics estimates. Abu Dhabi last year rolled over for a second time a $10 billion loan made to Dubai in the global credit crisis, which saw Dubai’s real estate market crash. This is generally bad for the economy of UAE. Hotel occupancy rates in the UAE, a federation of seven emirates, were down 28.2% year-on-year in the first week of March, while revenue per available room was down 43%, preliminary data from analytics specialist STR showed. The spread of the disease is also putting at risk the EXPO 2020 world fair which Dubai is preparing to host from October, with a target of 20 million tourists. “We can confirm that some of our properties in the Middle East have temporarily closed,” Marriott International said in a statement to Reuter
Chinese tourists, who until recently thronged the city’s main tourist attractions, are largely absent. Shopping malls in the city are noticeably quieter and taxi drivers lament a lack of customers. Hotels have slashed rates in a bid to sustain occupancy, with some reportedly asking staff to take leave to cut costs through the downturn. Technically the outbreak has prompted the cancellation or postponement of a host of other events in the UAE, from music festivals and business conferences to Art Dubai, the Gulf’s most prominent art fair.
Possible Solutions from the government after the pandemic to help boost the tourism industry will be:
a) The government should provide cash loans equivalent to a minimum of three months of working capital. The release of these funds can be micromanaged based on a month-on-month analysis of the budget.
b) The government should waive mortgages, loans, and credit card payments for at least three months until the industry recovers from the pandemic. They should also do the same with credit card repayments.
c) Companies would be applicable for zero visa cost if they hire any new employees in the next six months. This will be a boon for the looming high unemployment rate.
d) The cost to renew licenses would be waived off for this year.
e) Utility and housing fees could be cut by half for vacation rental homes, which will allow investors to save money to survive these tough times.
The Abu Dhabi Government has also announced the suspension of tourism and municipality fees for the tourism and entertainment sectors until the end of this year. Restaurants are authorized to resume activity with 30% capacity since April 24th.
Conclusion
Small businesses have played a huge role in creating and maintaining the successful UAE economy, with vacation rentals being in top form. Dubai is hosting the Expo 2020 on October 20, 2020. If these businesses aren’t given the support they need, they will most likely not be around. The UAE government has always supported the SME industry, which has helped it soar to great heights of success, and it is our belief they will continue as such. In these tough times, we look up to the government and are sure they will provide the aid needed as they always have in the past. After all, while people have multiple ways to distance ourselves from the virus breakout, businesses need some ammunition to brave this storm and emerge victorious. This research paper has examined the greater impact that is being created by the virus on tourism. It has also showcased the ultimate harm it created on the economy of the country and the globe too at the same time. It is being thought that the impact will continue for some more time and that is of much more concern in recent times
References
1. Aguiar, Angel, Maksym Chepeliev, Erwin L. Corong, Robert McDougall, and Dominique van der Mensbrugghe. 2019. “The GTAP Data Base: Version 10.” Journal of Global Economic Analysis 4 (1): 1–27.
https://doi.org/10.21642/jgea.040101af
.
2. Brahmbhatt, Milan, and Arindam Datta. 2008. On SARS type economic effects during infectious disease outbreaks. World Bank Policy Research Paper No. 4466, World Bank, Washington, D.C.
http://documents.worldbank.org/curated/en/101511468028867410/On-SARS-type-economiceffects-during-infectious-disease-outbreaks
.
3. Hill, Andrew and Emma Jacobs, “Covid-19 May Create Lasting Workplace Change,” Financial Times, February 27, 2020.
https://www.ft.com/content/5801a710-597c-11ea-abe5-8e03987b7b20
4. El-Erian, M. (2020). The Coming Coronavirus Recession and the Uncharted Territory Beyond. Foreign Affairs, Media Report. Available at:
https://www.foreignaffairs.com/articles/2020-03-17/coming-coronavirus-recession
5. McKibbin, Warwick, and Roshen Fernando. 2020. “The Global Macroeconomic Impacts of COVID-19.” Brookings Institute, no. March: 1–43. https://www.brookings.edu/wpcontent/uploads/2020/03/20200302_COVID19 .
6. “UAE CORONAVIRUS (COVID-19) UPDATES”. UAE’s national emergency crisis and disaster management authority. “Dubai’s Emirates cuts passenger flights to 13 destinations”. 22 March 2020
7. Turak, Natasha (29 January 2020). First Middle East cases of coronavirus confirmed in the UAE CNBC.com.
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