The Covid-19 Impact On growth and Development Of the Hospitality Sector

Abstract

The purpose of this study is to identify the major impacts of the covid-19 pandemic on the financial stability of the hospitality sector. Due to the financial crunch, low borrowing rates, and stagnant wages in recent years, the hotel and leisure business has faced a number of challenges. The supply chain and related industries, such as events, are feeling the effects of the current economic downturn, which is being felt by everyone involved in it. One of the most severe consequences of the outbreak on the food and beverage industry is the closure of dining restaurants and other public gathering places. The global research on the food and beverage industry divides it into online and offline chains. The COVID-19 outbreak had an effect on both of these regions. The researcher used secondary data collection method such as the world-bank dataset. It was found that Covid-19 has impacted the hospitality sector negatively ever since its outbreak. Tourism has been one area that has been adversely impacted by the outbreak of coronavirus. The coronavirus pandemic's immediate and enormous impact on tourism is having a ripple effect on the rest of the economy in many countries.