The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, and transportation. It includes hotels, restaurants and bars.
CoVID affect:
- Loss of business and loss of revenue due to Lock down and ban on travelling.
- Piling up of debt on the companies and non capability of the form to repay the loan.
- Loss of jobs and rising unemployment.
- Closing down of various startups which were hospitality centric.
- Rising NPA can transmit bad effects on financial sector.
- According to OAG Aviation Worldwide, the travel restrictions on international flights have caused the global airline industry losses mounting up to $880 billion.
- Hotels, bars, pubs, café will be heavily affected by the change in the supply chain, the lesser demand, some of them might partially or even fully shut down until the recovery can take place.
- The shortfall in revenue will delay the developmental activities of the government.