By Suresh Nanda
It is possible to plan for a 100 years, but, impossible to accurately know what will happen tomorrow!
As soon as the pandemic hit the world early last year, the global hospitality industry faced the first wave of disruptions. Travel restrictions snowballed into lockdowns and complete travel bans which continue to be in effect in many parts of the world even today. The global travel and tourism accounted for 10.4% of global GDP in 2019, amounting to $9,170 billion. For 2020, this figure came down to 5.5% of the global GDP at $4,671 billion. As a result of this fallout, the global travel and tourism economy contracted by 49%.
The need of the hour is for the hospitality sector to strategically take steps for survival, build capacities and services for revival, and thrive once the pandemic is brought under control. It may not be possible…