Economists and institutions have cut their forecasts and experts are predicting the potential onset of recessionary environments.

100 million workers in 35 advanced and emerging nations were unable to do their jobs remotely and are at high risk, according to the IMF.


The World Bank forecasts Russia’s 2020 GDP to contract by 6%, an eleven-year low, with a moderate recovery in 2021-2022 (6 July).


Many economists have cut their GDP forecasts; 2020 consensus forecast for world GDP growth is -4%.

Impact of Covid-19 on employment


As of 14 July 2020

international air travel impact


GlobalData forecasts that international arrivals into the 62 largest tourism markets globally will fall by 34.5% in 2020, while inbound expenditure globally will fall by 37.9% in 2020. Domestic tourist expenditure is expected to fare better, with a projected decline of 27.3%.

Travel and tourism impact


The United Nations Conference on Trade and Development (UNCTAD) projects $1.2tn loss for the global tourism sector (1.2% of global GDP). (1 July)

impact on transport infrastructure


GlobalData predicts that global construction output will contract by 2.2% in 2020. Governments and public authorities will advance spending on infrastructure projects as soon as normality returns to reinvigorate the industry.

Other industry developments