This study investigates the impact of Covid-19 on Jordan's economic climate as well as Jordanian
enterprises. Starting with observing the procedures taken by the government of Jordan, then a discussion
and overview of the economic effect of the epidemic, and finally a discussion of the impact of COVID-19 on
enterprises in Jordan. The Results of this paper conclude that there is an economic impact of coronavirus
across the whole country. The impact is determined not only by the ramifications of the virus's spread on
the larger economy but also by the form of the government's reaction, which includes mobility restrictions
and other emergency measures, as well as Jordan's main development partners' support and the indirect
impacts caused by companies' responses to problems they have experienced, such as layoffs and wage
reductions to save expenses, when reporting repercussions. The study covers a period of two years from
2019 to 2020.
The impact of covid-19 on tourism industry in bangladeshAkramulRatul1
The COVID-19 pandemic has significantly impacted the global tourism industry through widespread travel restrictions and a decline in demand. International tourist arrivals are estimated to decrease by 20-30% in 2020, resulting in $30-50 billion in lost revenue. Tourism-reliant sectors like hotels, restaurants, casinos, cruises, and retail are struggling with less business. Countries like China, India, Singapore and Japan saw large declines in foreign visitors of over 50% in early 2020. Many interconnected industries are affected by the downturn in tourism caused by the pandemic.
Effects of Coronavirus Covid 19 on Tourist Industryijtsrd
The purpose of this research is to examine the impact of the coronavirus pandemic COVID 19 on the tourism industry and to find the tourism sector that will result from this pandemic. In the absence of a similar earlier research, this research is designed to be conducted in a courteous manner. The pilot research involved 103 travelers selected on a non probability basis. The findings suggest that the current COVID 19 pandemic is likely to affect travelers behavior in terms of human safety, economic costs, beliefs and attitudes. Finally, the main findings and practical implications of this research are described in terms of crisis management, and the direction of further study is presented based on the findings and limitations of this research. Nazarbek Kamudas | Ganzorig Myagmardorj "Effects of Coronavirus (Covid-19) on Tourist Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38033.pdf Paper URL : https://www.ijtsrd.com/management/business-ethics/38033/effects-of-coronavirus-covid19-on-tourist-industry/nazarbek-kamudas
World trade is expected to fall sharply in 2020 due to the COVID-19 pandemic. The WTO estimates a decline in merchandise trade volume of between 13-32% under optimistic and pessimistic scenarios. Nearly all regions will suffer double-digit declines in exports and imports. The decline is expected to exceed the trade slump during the 2008-09 global financial crisis. While a recovery is anticipated in 2021, the outlook remains highly uncertain and dependent on controlling the pandemic.
As covid 19 is on its path of disrupting and damaging world economies, the economy of India is also not unaffected. With this review paper it has been tried to find the various impacts of lockdown and covid 19 on tourism industry specifically in India. Impact of corona on Indian economy, tourism, and other parts of tourism will be analyzed with the help of content analysis. Medical tourism being hit at large will also be discussed apart from other sections of tourism in India. This paper will also attempt to gather the views on responsible tourism and will gather the suggested possible frameworks for government and bureaucrats to consider. Bringing equality, social justice and oneness are some of the important aspects associated with tourism cohesively and so an attempt has been made to draw attention towards them in the study. Abhimanyu Awasthi | Md. Soyav | Kumari Shiwani "Effect of Covid-19 on Tourism Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38070.pdf Paper URL : https://www.ijtsrd.com/management/business-administration/38070/effect-of-covid19-on-tourism-industry/abhimanyu-awasthi
Impact assessment of the COVID-19 outbreak on international tourismFedericaAmbrogi1
- UNWTO estimates that international tourist arrivals could decline by 20-30% in 2020 due to the COVID-19 pandemic, resulting in a loss of $300-450 billion in tourism receipts. This would represent a decline of 290-440 million international tourists and a setback of 5-7 years.
- Countries with over 5,000 reported COVID-19 cases such as China, Italy, the US, and Spain collectively represent 34% of global tourism arrivals and 39% of global tourism receipts. The pandemic is having an unprecedented social and economic impact on the tourism sector.
- Coordinated fiscal and monetary measures are urgently needed to protect jobs, support businesses, and accelerate
The COVID-19 pandemic has significantly impacted the global tourism industry through widespread travel restrictions and a decline in demand. International tourist arrivals are estimated to decrease by 20-30% in 2020, resulting in $30-50 billion in lost revenue. Many tourist attractions worldwide have closed. Travel restrictions were implemented in countries like China, India, Singapore, and Japan, reducing foreign arrivals by over 50% year-over-year in some cases. Related industries like hotels, restaurants, cruises, rental cars, and fashion have also suffered. The global tourism industry contributes 10% of world GDP and jobs, with Asia expected to be hardest hit with millions of potential job losses. India's tourism sector has also been severely affected, with
An Angry Report about Tourism and HospitalityJooRodrigues475
Join us in this (Angry) report as we will explore the ways in
which the global tourism and hospitality have evolved digitally,
taking into account the details of the passenger/consumer
experience, and ultimately how all of this has been influenced
by the Covid-19 pandemic
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
The impact of covid-19 on tourism industry in bangladeshAkramulRatul1
The COVID-19 pandemic has significantly impacted the global tourism industry through widespread travel restrictions and a decline in demand. International tourist arrivals are estimated to decrease by 20-30% in 2020, resulting in $30-50 billion in lost revenue. Tourism-reliant sectors like hotels, restaurants, casinos, cruises, and retail are struggling with less business. Countries like China, India, Singapore and Japan saw large declines in foreign visitors of over 50% in early 2020. Many interconnected industries are affected by the downturn in tourism caused by the pandemic.
Effects of Coronavirus Covid 19 on Tourist Industryijtsrd
The purpose of this research is to examine the impact of the coronavirus pandemic COVID 19 on the tourism industry and to find the tourism sector that will result from this pandemic. In the absence of a similar earlier research, this research is designed to be conducted in a courteous manner. The pilot research involved 103 travelers selected on a non probability basis. The findings suggest that the current COVID 19 pandemic is likely to affect travelers behavior in terms of human safety, economic costs, beliefs and attitudes. Finally, the main findings and practical implications of this research are described in terms of crisis management, and the direction of further study is presented based on the findings and limitations of this research. Nazarbek Kamudas | Ganzorig Myagmardorj "Effects of Coronavirus (Covid-19) on Tourist Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38033.pdf Paper URL : https://www.ijtsrd.com/management/business-ethics/38033/effects-of-coronavirus-covid19-on-tourist-industry/nazarbek-kamudas
World trade is expected to fall sharply in 2020 due to the COVID-19 pandemic. The WTO estimates a decline in merchandise trade volume of between 13-32% under optimistic and pessimistic scenarios. Nearly all regions will suffer double-digit declines in exports and imports. The decline is expected to exceed the trade slump during the 2008-09 global financial crisis. While a recovery is anticipated in 2021, the outlook remains highly uncertain and dependent on controlling the pandemic.
As covid 19 is on its path of disrupting and damaging world economies, the economy of India is also not unaffected. With this review paper it has been tried to find the various impacts of lockdown and covid 19 on tourism industry specifically in India. Impact of corona on Indian economy, tourism, and other parts of tourism will be analyzed with the help of content analysis. Medical tourism being hit at large will also be discussed apart from other sections of tourism in India. This paper will also attempt to gather the views on responsible tourism and will gather the suggested possible frameworks for government and bureaucrats to consider. Bringing equality, social justice and oneness are some of the important aspects associated with tourism cohesively and so an attempt has been made to draw attention towards them in the study. Abhimanyu Awasthi | Md. Soyav | Kumari Shiwani "Effect of Covid-19 on Tourism Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd38070.pdf Paper URL : https://www.ijtsrd.com/management/business-administration/38070/effect-of-covid19-on-tourism-industry/abhimanyu-awasthi
Impact assessment of the COVID-19 outbreak on international tourismFedericaAmbrogi1
- UNWTO estimates that international tourist arrivals could decline by 20-30% in 2020 due to the COVID-19 pandemic, resulting in a loss of $300-450 billion in tourism receipts. This would represent a decline of 290-440 million international tourists and a setback of 5-7 years.
- Countries with over 5,000 reported COVID-19 cases such as China, Italy, the US, and Spain collectively represent 34% of global tourism arrivals and 39% of global tourism receipts. The pandemic is having an unprecedented social and economic impact on the tourism sector.
- Coordinated fiscal and monetary measures are urgently needed to protect jobs, support businesses, and accelerate
The COVID-19 pandemic has significantly impacted the global tourism industry through widespread travel restrictions and a decline in demand. International tourist arrivals are estimated to decrease by 20-30% in 2020, resulting in $30-50 billion in lost revenue. Many tourist attractions worldwide have closed. Travel restrictions were implemented in countries like China, India, Singapore, and Japan, reducing foreign arrivals by over 50% year-over-year in some cases. Related industries like hotels, restaurants, cruises, rental cars, and fashion have also suffered. The global tourism industry contributes 10% of world GDP and jobs, with Asia expected to be hardest hit with millions of potential job losses. India's tourism sector has also been severely affected, with
An Angry Report about Tourism and HospitalityJooRodrigues475
Join us in this (Angry) report as we will explore the ways in
which the global tourism and hospitality have evolved digitally,
taking into account the details of the passenger/consumer
experience, and ultimately how all of this has been influenced
by the Covid-19 pandemic
OECD: The impact of the Covid-19 outbreak on economic (Presentation)chaganomics
The impact of the Covid-19 outbreak on economic prospects is severe Growth was weak but stabilising until the coronavirus Covid-19 hit. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in China. The impact on the rest of the world through business travel and tourism, supply chains, commodities and lower confidence is growing.
Impact of Covid19 on travel and tourism industryPrakhar Nema
Uninvited guest COVID19 checked into the hotels, it has become frightful for the industry
Email-nemaprakhar97@gmail.com (For full matter of presentation)
The tourism industry in India generated $194 billion or 6.8% of India's GDP in 2019, supporting over 39 million jobs. It is predicted to grow at an annual rate of 6.9% to $460 billion by 2028. Foreign tourist arrivals grew 23.6% through e-visas in 2019. Major sectors within the industry include accommodation, entertainment, transportation, and food and beverages. Challenges facing the industry include globalization, infrastructure issues, marketing, security concerns, and taxation. The COVID-19 pandemic has severely impacted the industry, with an estimated loss of $100 billion and over 120 million tourism jobs at risk globally.
This document summarizes the results of a COVID-19 impact survey of Myanmar's tourism sector conducted by the Ministry of Hotels and Tourism. Key findings include:
- Over 80% of tourism businesses reported being seriously affected by the pandemic.
- Nearly 90% saw decreased revenues and 80% had very little business. 60% reduced their workforce.
- When asked what government support is needed, 70% said waiving taxes and fees, 63% protecting worker livelihoods, and 60% securing interest-free loans.
- The pandemic has severely impacted businesses' operations, finances, marketing and staffing. Most report reduced customers, sales, and staff working reduced hours or being sent on leave.
This document discusses the implications of COVID-19 on tourism in Sikkim and potential ways forward. It notes that while COVID-19 has allowed nature to regenerate, it has negatively impacted tourism through fear and declines in visits. However, the pandemic also enables opportunities like using technology innovations, prioritizing health, and optimizing resource use. Moving forward, the document recommends authenticating guest and host health status, applying big data analytics, standardizing services, and marketing based on these changes to rebuild confidence in tourism.
The document presents information on the impact of COVID-19 on the tourism and hospitality industries. It discusses how the pandemic has severely disrupted these sectors and forced drastic changes. Customers are fearful and have developed new behaviors, while businesses face layoffs and declining revenues. Universities have closed campuses and shifted to online learning, negatively impacting students financially and emotionally. The document calls for submissions on how these industries and communities can build sustainability and resilience to better withstand future uncontrollable crises like pandemics.
Presentation by Zoritsa Urosevic, Director, Institutional Relations and Partnerships Department, Special Representative to the United Nations in Geneva - World Tourism Organization (UNWTO), who spoke at an expert Q&A webinar on "Tourism & COVID-19" hosted by the Enhanced Integrated Framework (EIF) on 11 June 2020.
The document provides an overview of Kenya's macroeconomic environment and fiscal budget for 2020/21, which has been significantly impacted by the COVID-19 pandemic. It summarizes that the global economy is projected to contract sharply in 2020 due to the pandemic. Kenya's GDP growth is also expected to decline sharply to about 2.3% from 5.4% in 2019. The pandemic has adversely affected key sectors in Kenya like tourism, trade, manufacturing, and agriculture. The fiscal budget for 2020/21 has been adjusted downwards to KSHS 2.7 trillion to create fiscal space in light of lower revenue projections and the President's KSHS 53.7 billion stimulus package focuses on boosting key sectors to mitigate the
- The document provides information on COVID-19 vaccines currently in clinical trials, with the earliest completion date being September 2021. After phase II trials establish safety, some vaccines may receive emergency approval for frontline workers.
- It also includes summaries of GDP growth forecasts from the World Bank, showing a projected global economic contraction of 5.2% in 2020 before a modest recovery in 2021. Advanced economies are expected to contract more severely and take longer to recover pre-pandemic levels.
- The Thai economy is forecast to contract 10% in 2020, with exports, tourism, and consumption only beginning to recover once the pandemic ends, not reaching pre-COVID levels until 2023. Various industries are negatively and positively impacted.
Covid 19 impact on internatinal finance market. BangladeshNiloy Saha
1) The COVID-19 pandemic has severely impacted global financial markets, causing significant losses as investors fear the virus will destroy economic growth.
2) Stock markets in Asia, Europe, the US, and Latin America have all plunged in response to the outbreak and imposition of widespread lockdowns.
3) The economic fallout from COVID-19 is expected to persist for many months or years, and analysts warn that further disruptions from containment measures could weaken the global economy further.
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
The document provides an analysis of the socio-economic impacts of COVID-19 in Bangladesh. It discusses several key points:
1) COVID-19 has caused widespread social panic in Bangladesh due to a lack of reliable information early on. It has also disrupted religious gatherings and increased prices of essential goods.
2) The pandemic is negatively impacting Bangladesh's economy. Sectors like agriculture, industry and services have seen declines that threaten millions of jobs and billions in GDP losses. Dairy farmers, poultry producers, and the garment industry have been especially hard hit.
3) Remittances from overseas Bangladeshi workers and foreign direct investment are also expected to decline significantly due to global economic impacts of
The impacts of covid 19 outbreak on islamic finance in the oic countriesNur Hasan Murtiaji
This document provides an overview of the impacts of the COVID-19 pandemic on Islamic finance in OIC countries. It finds that most OIC economies have seen significant downgrades to their projected 2020 GDP growth. Turkey, Malaysia and Oman saw the largest drops. Sukuk issuance is expected to decline significantly in 2020 compared to 2019. OIC stock exchanges in Indonesia, Bahrain and Bangladesh performed relatively better than others between December 2019 and April 2020. The document aims to analyze the regional impacts and provide policy recommendations to mitigate the effects of the pandemic on Islamic finance.
The economic impact of covid 19 in bangladeshAriful Islam
I made the presentation for my university. I figured it would be a good idea to also share on Slide-share.
Checkout the video presentation: https://youtu.be/y0iI9CInHvA
#covid19 #economy #bangladesh
The document discusses the impact of the COVID-19 pandemic on the SAARC region. It provides background on SAARC, including its objectives to promote cooperation. It then describes the virus and its effects on different SAARC countries like disrupting tourism in Bhutan and Pakistan's economy. Overall impacts include collapsed demand, job losses, and slowed transportation. The crisis could result in the region's worst economic performance in decades. SAARC countries have pledged funds to combat the virus. Post-lockdown, opportunities like strengthened supply chains and challenges like political conflicts remain for SAARC.
Travel and tourism economic impact 2018 vietnamHoang Dung Quy
The document provides an economic impact report on travel and tourism in Vietnam for 2018. Some key points:
- In 2017, travel and tourism directly contributed VND294,660 billion (5.9% of GDP) to Vietnam's economy and supported 2,467,500 jobs (4.6% of total employment).
- The total contribution of travel and tourism to GDP in 2017 was VND468,291 billion (9.4% of GDP) and to employment was 4,061,000 jobs (7.6% of total employment).
- Travel and tourism GDP and employment are forecast to grow steadily over the next decade, with travel and tourism expected to contribute VND900,944 billion
The document provides an overview of global tourism statistics and the tourism industry. It discusses how the tourism industry contributes to the global economy and GDP. It also describes the impact of COVID-19 on the tourism sector, with international tourism revenue decreasing 42.1% in 2020. Finally, it outlines the categorization of countries into "four worlds" based on their economic status and political alignment during the Cold War era.
The impact of covid-19 in Bangladesh a case study on economic sectorShaksly Snail
The impact of covid-19 in Bangladesh a case study on economic sector
Our Team~
Leader
Shakila Ahmed
Members
Mahfuja Alam, Fatema Tuz Zohora, Juma Akter
Supervisor ~
Ashiqun Nabi
Assistant Professor, Department of
Business Administration
Manarat International University
The document analyzes the economic impact of the COVID-19 outbreak on civil aviation in various regions. It provides scenario analyses estimating reductions in air traffic, passenger numbers, and airline revenues for mainland China, Hong Kong/Macao/Taiwan, South Korea, Italy, and Iran in the first quarter of 2020 compared to original plans. The preliminary estimates indicate reductions of 21.9-22.9 million passengers and $4.9-5.1 billion in airline revenues for mainland China, and 8.8-9.7 million passengers and $2.1-2.3 billion for Hong Kong/Macao/Taiwan. The analysis finds the outbreak has significantly reduced international air traffic and airline revenues.
Economic impact of COVID-19 lock down on small medium enterprise (smes) in la...SubmissionResearchpa
The effect of COVID-19 has negative consequence which has been an invisible enemy raging the entire world populace leading to a global economic crisis. Business across the globe are feeling the negative outcome of the COVID 19 pandemic threatening their ongoing economic daily activities. SMEs in Nigeria are not left out in the share of this negative pandemic, limiting their survival existence. The shutdown of economic activities has greatly affected SMEs in Nigeria. This has led to employees under SMEs lose their jobs. It was concluded that adequate measures needs to be taken by government to cushion the negative effect of COVID 19 in collapsing the existence of SMEs. by Aribisala, and Oluwadamilare Olufolarin 2020. Economic impact of COVID-19 lock down on small medium enterprise (smes) in lagos state. International Journal on Integrated Education. 3, 7 (Jul. 2020), 62-68. DOI:https://doi.org/10.31149/ijie.v3i7.490. https://journals.researchparks.org/index.php/IJIE/article/view/490/467 https://journals.researchparks.org/index.php/IJIE/article/view/490
The coronavirus pandemic is disrupting global supply chains and international trade, causing the global economy to shrink by up to 1% in 2020 according to UN estimates. Under a best case scenario where declines in private consumption, investment and exports are offset by government spending increases, global growth would fall to 1.2%. However, under a worst case scenario where demand falls sharply in major economies like China, Japan, South Korea, the US and EU, the global economy could contract by 0.9%. Industries relying on long distance travel like air transport are expected to face revenue losses between $63-113 billion.
Impact of Covid19 on travel and tourism industryPrakhar Nema
Uninvited guest COVID19 checked into the hotels, it has become frightful for the industry
Email-nemaprakhar97@gmail.com (For full matter of presentation)
The tourism industry in India generated $194 billion or 6.8% of India's GDP in 2019, supporting over 39 million jobs. It is predicted to grow at an annual rate of 6.9% to $460 billion by 2028. Foreign tourist arrivals grew 23.6% through e-visas in 2019. Major sectors within the industry include accommodation, entertainment, transportation, and food and beverages. Challenges facing the industry include globalization, infrastructure issues, marketing, security concerns, and taxation. The COVID-19 pandemic has severely impacted the industry, with an estimated loss of $100 billion and over 120 million tourism jobs at risk globally.
This document summarizes the results of a COVID-19 impact survey of Myanmar's tourism sector conducted by the Ministry of Hotels and Tourism. Key findings include:
- Over 80% of tourism businesses reported being seriously affected by the pandemic.
- Nearly 90% saw decreased revenues and 80% had very little business. 60% reduced their workforce.
- When asked what government support is needed, 70% said waiving taxes and fees, 63% protecting worker livelihoods, and 60% securing interest-free loans.
- The pandemic has severely impacted businesses' operations, finances, marketing and staffing. Most report reduced customers, sales, and staff working reduced hours or being sent on leave.
This document discusses the implications of COVID-19 on tourism in Sikkim and potential ways forward. It notes that while COVID-19 has allowed nature to regenerate, it has negatively impacted tourism through fear and declines in visits. However, the pandemic also enables opportunities like using technology innovations, prioritizing health, and optimizing resource use. Moving forward, the document recommends authenticating guest and host health status, applying big data analytics, standardizing services, and marketing based on these changes to rebuild confidence in tourism.
The document presents information on the impact of COVID-19 on the tourism and hospitality industries. It discusses how the pandemic has severely disrupted these sectors and forced drastic changes. Customers are fearful and have developed new behaviors, while businesses face layoffs and declining revenues. Universities have closed campuses and shifted to online learning, negatively impacting students financially and emotionally. The document calls for submissions on how these industries and communities can build sustainability and resilience to better withstand future uncontrollable crises like pandemics.
Presentation by Zoritsa Urosevic, Director, Institutional Relations and Partnerships Department, Special Representative to the United Nations in Geneva - World Tourism Organization (UNWTO), who spoke at an expert Q&A webinar on "Tourism & COVID-19" hosted by the Enhanced Integrated Framework (EIF) on 11 June 2020.
The document provides an overview of Kenya's macroeconomic environment and fiscal budget for 2020/21, which has been significantly impacted by the COVID-19 pandemic. It summarizes that the global economy is projected to contract sharply in 2020 due to the pandemic. Kenya's GDP growth is also expected to decline sharply to about 2.3% from 5.4% in 2019. The pandemic has adversely affected key sectors in Kenya like tourism, trade, manufacturing, and agriculture. The fiscal budget for 2020/21 has been adjusted downwards to KSHS 2.7 trillion to create fiscal space in light of lower revenue projections and the President's KSHS 53.7 billion stimulus package focuses on boosting key sectors to mitigate the
- The document provides information on COVID-19 vaccines currently in clinical trials, with the earliest completion date being September 2021. After phase II trials establish safety, some vaccines may receive emergency approval for frontline workers.
- It also includes summaries of GDP growth forecasts from the World Bank, showing a projected global economic contraction of 5.2% in 2020 before a modest recovery in 2021. Advanced economies are expected to contract more severely and take longer to recover pre-pandemic levels.
- The Thai economy is forecast to contract 10% in 2020, with exports, tourism, and consumption only beginning to recover once the pandemic ends, not reaching pre-COVID levels until 2023. Various industries are negatively and positively impacted.
Covid 19 impact on internatinal finance market. BangladeshNiloy Saha
1) The COVID-19 pandemic has severely impacted global financial markets, causing significant losses as investors fear the virus will destroy economic growth.
2) Stock markets in Asia, Europe, the US, and Latin America have all plunged in response to the outbreak and imposition of widespread lockdowns.
3) The economic fallout from COVID-19 is expected to persist for many months or years, and analysts warn that further disruptions from containment measures could weaken the global economy further.
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
The document provides an analysis of the socio-economic impacts of COVID-19 in Bangladesh. It discusses several key points:
1) COVID-19 has caused widespread social panic in Bangladesh due to a lack of reliable information early on. It has also disrupted religious gatherings and increased prices of essential goods.
2) The pandemic is negatively impacting Bangladesh's economy. Sectors like agriculture, industry and services have seen declines that threaten millions of jobs and billions in GDP losses. Dairy farmers, poultry producers, and the garment industry have been especially hard hit.
3) Remittances from overseas Bangladeshi workers and foreign direct investment are also expected to decline significantly due to global economic impacts of
The impacts of covid 19 outbreak on islamic finance in the oic countriesNur Hasan Murtiaji
This document provides an overview of the impacts of the COVID-19 pandemic on Islamic finance in OIC countries. It finds that most OIC economies have seen significant downgrades to their projected 2020 GDP growth. Turkey, Malaysia and Oman saw the largest drops. Sukuk issuance is expected to decline significantly in 2020 compared to 2019. OIC stock exchanges in Indonesia, Bahrain and Bangladesh performed relatively better than others between December 2019 and April 2020. The document aims to analyze the regional impacts and provide policy recommendations to mitigate the effects of the pandemic on Islamic finance.
The economic impact of covid 19 in bangladeshAriful Islam
I made the presentation for my university. I figured it would be a good idea to also share on Slide-share.
Checkout the video presentation: https://youtu.be/y0iI9CInHvA
#covid19 #economy #bangladesh
The document discusses the impact of the COVID-19 pandemic on the SAARC region. It provides background on SAARC, including its objectives to promote cooperation. It then describes the virus and its effects on different SAARC countries like disrupting tourism in Bhutan and Pakistan's economy. Overall impacts include collapsed demand, job losses, and slowed transportation. The crisis could result in the region's worst economic performance in decades. SAARC countries have pledged funds to combat the virus. Post-lockdown, opportunities like strengthened supply chains and challenges like political conflicts remain for SAARC.
Travel and tourism economic impact 2018 vietnamHoang Dung Quy
The document provides an economic impact report on travel and tourism in Vietnam for 2018. Some key points:
- In 2017, travel and tourism directly contributed VND294,660 billion (5.9% of GDP) to Vietnam's economy and supported 2,467,500 jobs (4.6% of total employment).
- The total contribution of travel and tourism to GDP in 2017 was VND468,291 billion (9.4% of GDP) and to employment was 4,061,000 jobs (7.6% of total employment).
- Travel and tourism GDP and employment are forecast to grow steadily over the next decade, with travel and tourism expected to contribute VND900,944 billion
The document provides an overview of global tourism statistics and the tourism industry. It discusses how the tourism industry contributes to the global economy and GDP. It also describes the impact of COVID-19 on the tourism sector, with international tourism revenue decreasing 42.1% in 2020. Finally, it outlines the categorization of countries into "four worlds" based on their economic status and political alignment during the Cold War era.
The impact of covid-19 in Bangladesh a case study on economic sectorShaksly Snail
The impact of covid-19 in Bangladesh a case study on economic sector
Our Team~
Leader
Shakila Ahmed
Members
Mahfuja Alam, Fatema Tuz Zohora, Juma Akter
Supervisor ~
Ashiqun Nabi
Assistant Professor, Department of
Business Administration
Manarat International University
The document analyzes the economic impact of the COVID-19 outbreak on civil aviation in various regions. It provides scenario analyses estimating reductions in air traffic, passenger numbers, and airline revenues for mainland China, Hong Kong/Macao/Taiwan, South Korea, Italy, and Iran in the first quarter of 2020 compared to original plans. The preliminary estimates indicate reductions of 21.9-22.9 million passengers and $4.9-5.1 billion in airline revenues for mainland China, and 8.8-9.7 million passengers and $2.1-2.3 billion for Hong Kong/Macao/Taiwan. The analysis finds the outbreak has significantly reduced international air traffic and airline revenues.
Economic impact of COVID-19 lock down on small medium enterprise (smes) in la...SubmissionResearchpa
The effect of COVID-19 has negative consequence which has been an invisible enemy raging the entire world populace leading to a global economic crisis. Business across the globe are feeling the negative outcome of the COVID 19 pandemic threatening their ongoing economic daily activities. SMEs in Nigeria are not left out in the share of this negative pandemic, limiting their survival existence. The shutdown of economic activities has greatly affected SMEs in Nigeria. This has led to employees under SMEs lose their jobs. It was concluded that adequate measures needs to be taken by government to cushion the negative effect of COVID 19 in collapsing the existence of SMEs. by Aribisala, and Oluwadamilare Olufolarin 2020. Economic impact of COVID-19 lock down on small medium enterprise (smes) in lagos state. International Journal on Integrated Education. 3, 7 (Jul. 2020), 62-68. DOI:https://doi.org/10.31149/ijie.v3i7.490. https://journals.researchparks.org/index.php/IJIE/article/view/490/467 https://journals.researchparks.org/index.php/IJIE/article/view/490
The coronavirus pandemic is disrupting global supply chains and international trade, causing the global economy to shrink by up to 1% in 2020 according to UN estimates. Under a best case scenario where declines in private consumption, investment and exports are offset by government spending increases, global growth would fall to 1.2%. However, under a worst case scenario where demand falls sharply in major economies like China, Japan, South Korea, the US and EU, the global economy could contract by 0.9%. Industries relying on long distance travel like air transport are expected to face revenue losses between $63-113 billion.
RAPID Assessment of the Socio-Economic Impact of COVID-19Francois Stepman
15 April 2020. FANRPAN and the Graça Machel Trust (GMT) in conjunction with its African Women in Agribusiness Network, organised a Webinar o establish the effects of COVID-19 on food systems and agribusiness in the Eastern and Southern African (ESA) region.
Global economic outlook due to covid 19M S Siddiqui
Global coordination and cooperation-of the measures needed to slow the spread of the pandemic, and of the economic actions needed to alleviate the economic damage, including international support-provide the greatest chance of achieving public health goals and enabling a robust global recovery.
Running head IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE1.docxwlynn1
Running head: IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE1
IMPACT OF COVID 19 ON TOURSIM INDUSTRY OF UAE 5
IMPACT OF COVID 19 ON TOURSIM 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 corona virus 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 corona virus 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 2020and Saudi Arabia not allowing the annual haj pilgrimage to take place, hundreds of millions of dollars were lo.
The presentation summarizes the impact of the COVID-19 pandemic on businesses globally. It led to an unprecedented shock worldwide, stopping global progress. There were massive revenue losses, business closures, layoffs and liquidity issues. The negative impact on sales was large and persistent across firms. Most businesses adjusted employment through reducing hours and wages rather than layoffs. There was significant heterogeneity in the effects across countries, with smaller firms facing more financial constraints.
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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 2020 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 50%. 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 hig.
Sudan's economy has slowed since South Sudan seceded in 2011, reducing oil revenue and population. GDP growth declined from 5% in 2010 to an estimated 2% in 2012 due to losing three-quarters of oil revenue and 20% of its population. The government has implemented austerity measures like cutting fuel and food subsidies to address the budget deficit, which increased from 5% of GDP in 2011 to an estimated 5.4% in 2012. High unemployment, especially among youth and university graduates, remains a challenge as fewer jobs are being created.
The COVID-19 pandemic has severely impacted Bangladesh's economy, especially the critical readymade garment (RMG) industry. Exports from the RMG sector declined by nearly 17% in 2020 due to canceled orders from major importing countries in Europe and America. Millions of RMG workers lost their jobs or were furloughed as factories closed during lockdowns. While garment exports rebounded somewhat in mid-2020, the long-term impacts of the pandemic on the RMG industry and Bangladesh's economy remain uncertain. The study recommends government assistance and policy responses to mitigate damage to the RMG sector and prevent broader economic and social crises.
The document discusses several topics related to the regional impact of COVID-19:
1) Asia and the Pacific face threats from disruptions to domestic production and significant drops in remittance receipts as overseas lockdowns negatively impact citizens working abroad.
2) Remittances are an important source of income for many households in developing countries, with ADB member economies receiving 43.5% of global remittances in 2019, mostly in South Asia.
3) The African Development Bank has provided $10.2 billion in response funding to support African countries in dealing with the pandemic's impact.
4) GCC countries' economies have been affected by COVID-19 and lower oil prices, but various measures
The COVID-19 pandemic has given the biggest blow to the world economy after the great depression
1930s.Around 60% of the world population is either under severe or partial lockdown without having medical
solution to the coronavirus and affected the industrial sector severely.The impact is severe on
trade,manufacturing and MSMEs.Manufacturing sector may shrink from 5.5%to 20%,exports from 13.7% to
20.8%,imports from 17.3% to25%and MSMEs net value added (NVA) from 2.1%to5.7% in 2020
The document analyzes the impact of the COVID-19 pandemic on Vietnam's economy, using case studies of the tourism and textiles/garment industries. It finds:
1) Vietnam's GDP growth declined significantly in the third quarter of 2020 due to the pandemic's effects. Over 83% of Vietnamese enterprises were affected through reduced demand, supply chain disruptions, and lack of capital.
2) International tourism to Vietnam dropped dramatically, decreasing over 80% in the first two quarters of 2020. This caused job losses in the tourism industry and bankruptcies of some hotels and restaurants.
3) While Vietnam's exports increased in 2020, imports declined, resulting in supply chain disruptions for industries like text
One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand and price of oil in the international market. In view of that, this study evaluates the social and economic impact of covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly. Since it entails a large amount of government expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
Sri Lanka has been severely impacted by COVID-19 both economically and socially. The pandemic has caused the economy to contract significantly in 2020 as key industries like tourism, exports and construction were brought to a standstill. It has also weakened the government's already fragile fiscal position. Socially, COVID-19 has created widespread fear and psychosis, disrupted education and social interaction, and generated new social problems like increased domestic violence during lockdowns. The long term impacts on poverty levels and inequality are still uncertain.
Post covid ecnomic condition ways to recover from covid-19 pandemic recessionShimanta Easin
Current condition of world economy and Bangladesh in Covid-19 pandemic, Ways to recover from this pandemic destruction, Challenges faced by world and Bangladesh in Covid-19 pandemic
Prepared By:
Roksana Rahim Rumki
Roll: 1610
49th Batch JU
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Jahangirnagar University
The global economic downturn will negatively impact Egypt's economy in 2009, with growth expected to decrease to 5% from over 6% in 2008. Several sectors are especially vulnerable, including tourism, transportation, finance and real estate. However, Egypt is better insulated than other countries due to limited exposure to global financial markets and a strong banking system. Policymakers have an opportunity to take steps to lessen the recession's impact and position Egypt for future growth by implementing fiscal and monetary stimulus, supporting vulnerable sectors, and expanding social safety nets. Maintaining economic reforms will help Egypt's economy once the global situation improves.
The Covid-19 pandemic significantly impacted the Indian economy beginning in March 2020. A nationwide lockdown caused sharp rises in unemployment, decreases in government income, and collapses of the tourism, hospitality, and real estate industries. However, the pharmaceutical industry experienced increased sales of Covid-19 drugs. Unemployment rates doubled during the first year of the pandemic and fluctuated with subsequent lockdowns, while government revenues fell short of budgets as GDP growth declined to 3.1% in the last quarter of fiscal year 2020.
The aim of the study was to investigate the effects of covid-19 on economic growth in SADC. Covid19 has been a challenge and still a challenge in many parts of the world across the globe. As a result of covid-19 many people from all walk of life lost their businesses, their belongings, their jobs, including friends and relatives due the deadly pandemic and Africa was no exemption from all these. As consequences of covid-19 particularly in SADC and beyond many people lost their lives, the unemployment rate has augmented and trading relationship between SADC countries has been limping since the pandemic occurred in March 2020. Therefore, the present study recommends a SADC mitigation covid -19 measure strategies that would enable SADC countries to improve on the spread of covid-19 and strengthen the trading relationship among SADC countries
The OECD interim economic assessment report provides the following key points:
1) The coronavirus outbreak has weakened the global economic outlook, with global GDP growth projected to slow to 2.4% in 2020 from 2.9% in 2019, before recovering to around 3.25% in 2021.
2) China's economy has been significantly impacted by containment efforts, disrupting global supply chains and lowering demand for exports. Other economies are also feeling effects from their own outbreaks.
3) Considerable uncertainty remains around the outlook depending on the duration and spread of the virus. A more prolonged or widespread outbreak would weaken prospects considerably with global growth potentially dropping to 1.5% in 2020.
Similar to THE IMPACT OF COVID-19 ON THE JORDANIAN ECONOMY AND ENTERPRISES (20)
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Automated Invoice Processing Using Image Recognition in Business Information ...ectijjournal
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A SYSTEMATIC RISK ASSESSMENT APPROACH FOR SECURING THE SMART IRRIGATION SYSTEMSIJNSA Journal
The smart irrigation system represents an innovative approach to optimize water usage in agricultural and landscaping practices. The integration of cutting-edge technologies, including sensors, actuators, and data analysis, empowers this system to provide accurate monitoring and control of irrigation processes by leveraging real-time environmental conditions. The main objective of a smart irrigation system is to optimize water efficiency, minimize expenses, and foster the adoption of sustainable water management methods. This paper conducts a systematic risk assessment by exploring the key components/assets and their functionalities in the smart irrigation system. The crucial role of sensors in gathering data on soil moisture, weather patterns, and plant well-being is emphasized in this system. These sensors enable intelligent decision-making in irrigation scheduling and water distribution, leading to enhanced water efficiency and sustainable water management practices. Actuators enable automated control of irrigation devices, ensuring precise and targeted water delivery to plants. Additionally, the paper addresses the potential threat and vulnerabilities associated with smart irrigation systems. It discusses limitations of the system, such as power constraints and computational capabilities, and calculates the potential security risks. The paper suggests possible risk treatment methods for effective secure system operation. In conclusion, the paper emphasizes the significant benefits of implementing smart irrigation systems, including improved water conservation, increased crop yield, and reduced environmental impact. Additionally, based on the security analysis conducted, the paper recommends the implementation of countermeasures and security approaches to address vulnerabilities and ensure the integrity and reliability of the system. By incorporating these measures, smart irrigation technology can revolutionize water management practices in agriculture, promoting sustainability, resource efficiency, and safeguarding against potential security threats.
Literature Review Basics and Understanding Reference Management.pptxDr Ramhari Poudyal
Three-day training on academic research focuses on analytical tools at United Technical College, supported by the University Grant Commission, Nepal. 24-26 May 2024
DEEP LEARNING FOR SMART GRID INTRUSION DETECTION: A HYBRID CNN-LSTM-BASED MODELgerogepatton
As digital technology becomes more deeply embedded in power systems, protecting the communication
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solve this issue, this paper develops a hybrid Deep Learning (DL) model specifically designed for intrusion
detection in smart grids. The proposed approach is a combination of the Convolutional Neural Network
(CNN) and the Long-Short-Term Memory algorithms (LSTM). We employed a recent intrusion detection
dataset (DNP3), which focuses on unauthorized commands and Denial of Service (DoS) cyberattacks, to
train and test our model. The results of our experiments show that our CNN-LSTM method is much better
at finding smart grid intrusions than other deep learning algorithms used for classification. In addition,
our proposed approach improves accuracy, precision, recall, and F1 score, achieving a high detection
accuracy rate of 99.50%.
Electric vehicle and photovoltaic advanced roles in enhancing the financial p...IJECEIAES
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Presentation of IEEE Slovenia CIS (Computational Intelligence Society) Chapte...University of Maribor
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TIME DIVISION MULTIPLEXING TECHNIQUE FOR COMMUNICATION SYSTEMHODECEDSIET
Time Division Multiplexing (TDM) is a method of transmitting multiple signals over a single communication channel by dividing the signal into many segments, each having a very short duration of time. These time slots are then allocated to different data streams, allowing multiple signals to share the same transmission medium efficiently. TDM is widely used in telecommunications and data communication systems.
### How TDM Works
1. **Time Slots Allocation**: The core principle of TDM is to assign distinct time slots to each signal. During each time slot, the respective signal is transmitted, and then the process repeats cyclically. For example, if there are four signals to be transmitted, the TDM cycle will divide time into four slots, each assigned to one signal.
2. **Synchronization**: Synchronization is crucial in TDM systems to ensure that the signals are correctly aligned with their respective time slots. Both the transmitter and receiver must be synchronized to avoid any overlap or loss of data. This synchronization is typically maintained by a clock signal that ensures time slots are accurately aligned.
3. **Frame Structure**: TDM data is organized into frames, where each frame consists of a set of time slots. Each frame is repeated at regular intervals, ensuring continuous transmission of data streams. The frame structure helps in managing the data streams and maintaining the synchronization between the transmitter and receiver.
4. **Multiplexer and Demultiplexer**: At the transmitting end, a multiplexer combines multiple input signals into a single composite signal by assigning each signal to a specific time slot. At the receiving end, a demultiplexer separates the composite signal back into individual signals based on their respective time slots.
### Types of TDM
1. **Synchronous TDM**: In synchronous TDM, time slots are pre-assigned to each signal, regardless of whether the signal has data to transmit or not. This can lead to inefficiencies if some time slots remain empty due to the absence of data.
2. **Asynchronous TDM (or Statistical TDM)**: Asynchronous TDM addresses the inefficiencies of synchronous TDM by allocating time slots dynamically based on the presence of data. Time slots are assigned only when there is data to transmit, which optimizes the use of the communication channel.
### Applications of TDM
- **Telecommunications**: TDM is extensively used in telecommunication systems, such as in T1 and E1 lines, where multiple telephone calls are transmitted over a single line by assigning each call to a specific time slot.
- **Digital Audio and Video Broadcasting**: TDM is used in broadcasting systems to transmit multiple audio or video streams over a single channel, ensuring efficient use of bandwidth.
- **Computer Networks**: TDM is used in network protocols and systems to manage the transmission of data from multiple sources over a single network medium.
### Advantages of TDM
- **Efficient Use of Bandwidth**: TDM all
Batteries -Introduction – Types of Batteries – discharging and charging of battery - characteristics of battery –battery rating- various tests on battery- – Primary battery: silver button cell- Secondary battery :Ni-Cd battery-modern battery: lithium ion battery-maintenance of batteries-choices of batteries for electric vehicle applications.
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Harnessing WebAssembly for Real-time Stateless Streaming PipelinesChristina Lin
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THE IMPACT OF COVID-19 ON THE JORDANIAN ECONOMY AND ENTERPRISES
1. Economics, Commerce and Trade Management: An International Journal (ECTIJ) Vol. 3
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THE IMPACT OF COVID-19 ON THE JORDANIAN
ECONOMY AND ENTERPRISES
Saleh Jawarneh
The University of Miskolc, Department of Finance, Hungary
ABSTRACT
This study investigates the impact of Covid-19 on Jordan's economic climate as well as Jordanian
enterprises. Starting with observing the procedures taken by the government of Jordan, then a discussion
and overview of the economic effect of the epidemic, and finally a discussion of the impact of COVID-19 on
enterprises in Jordan. The Results of this paper conclude that there is an economic impact of coronavirus
across the whole country. The impact is determined not only by the ramifications of the virus's spread on
the larger economy but also by the form of the government's reaction, which includes mobility restrictions
and other emergency measures, as well as Jordan's main development partners' support and the indirect
impacts caused by companies' responses to problems they have experienced, such as layoffs and wage
reductions to save expenses, when reporting repercussions. The study covers a period of two years from
2019 to 2020.
KEYWORDS
Coronavirus, Jordan, Finance, SMEs, Economy.
1. INTRODUCTION
On the 30th of June 2020, The World Health Organization (WHO) announced the new
coronavirus as a “public health emergency of international concern” [1]. It all started with less
than 8,000 global cases, most of them were in China. Different countries took few precautions.
Less than six weeks later, on March 11, 2020, the virus was declared a pandemic, with more than
118,000 cases reported in 114 countries. The Dow Jones industrial average dropped over 3,000
points after four days, the greatest one-day collapse in history. [2].
According to the World Bank, nearly 93% of the countries were going to experience an economic
recession in 2020. “Since 1870, per capita income has decreased in the vast majority of countries
throughout the world.” [3]. Both Developed and developing economies will be affected globally
with the former expected to shrink by 7%.
Jordan is an Arab country in southwest Asia that is in the center of the Middle East, between the
southern Levant and the northern Arabian Peninsula. Many investors are aware of Jordan because
of its geographical location, which is bordered by Syria, Iraq, Saudi Arabia, and Palestine. Jordan
is located in a region plagued by wars and conflicts, which has a negative influence on the
economy of the country. Political tensions in the region have a negative impact on Jordan's
investment climate, and financial decision-makers don't always separate Jordan's investment
climate from the instability in the region.
For the first time in decades, the economy in Jordan is expected to shrink [4]. International trade,
tourism, remittances, and foreign direct investment accounted for 10% of the country's GDP.
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COVID-19 has had a significant influence on Jordan's tourist industry, which generated 19% of
the country's GDP in 2018 and employed over 53,000 people in 2019 [5]. Travel restrictions, the
protracted closure of the airport, the mandatory closure of public gathering locations, and other
government procedures to stop the spread of COVID-19 were among the reasons.
Furthermore, Jordan, which has the world's second-largest refugee population (per capita),
already had a high unemployment rate and stressed infrastructure, which may have been
aggravated by the pandemic [6]. While the government reacted quickly to COVID-19 by limiting
mobility and providing financial assistance to workers, the country's SMEs are still battling to
recover. COVID-19's influence on companies is summarized by the International Trade Center in
four major phases:
1. Shutdown Effects: Government-imposed mobility limitations and mandates for some
firms to temporarily close have had a significant impact on SMEs in the tourist, travel,
wholesale and retail, hospitality, and entertainment industries.
2. Supply-Chain disruption: Border closures and lockdowns have had a global, cascading
effect on manufacturing, imports, and exports supply networks. Due to lower demand,
SMEs in supply-affected nations receive fewer orders.
3. Demand depression: has come from cost-cutting measures and poor economic activity,
resulting in a drop in consumer and corporate sales. Even when the health restrictions are
lifted, poor company investment will result from low savings, and families would likely
cut back on spending owing to reduced wages during the epidemic.
4. The phase of recovery: limitations ease, COVID-19 cases are decreased, and companies
reopen. Businesses will need to make it through the recovery period in order to respond
to these shifts in demand and working patterns.
Jordan's first incidence of coronavirus was linked to an individual who had traveled to Italy on
March 2, and the outcome was fast. This requires a strict curfew as well as social isolation on a
scale not seen in the nation since September 1971 [7]. Earlier effects included quarantining 5,000
visitors in thirty 5-star hotels, most of which were near the Dead Sea and were paid for by the
government [7]. This measure which was stricter in the region (if not in the world) seems to have
had the desired results.
It's not easy to estimate the pandemic's possible economic impact. The effect of the difficulties,
as well as the shifting characteristics of the afflicted nations' reactions, are both sources of worry
(monetary and fiscal). While we may expect these forecasts to be modified on a regular basis, the
most current prediction said that "the global economic climate is quite likely to fall by 3% in
merely 2020"[8].
2. METHODOLOGY
The study is entirely based on secondary data gathered from local, regional, and international
organizations such as the Government of Jordan, Jordan's Central Bank, the World Economic
Forum, the International Monetary Fund, Transparency International, the World Bank Group, the
United Nations, and various statistical departments, governments, and the media. The research
covers a period of two years, from 2019 to 2020. Using proper analytical techniques, the obtained
data is tallied, described, and analyzed.
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3. OBSERVATIONS AND PROCEDURES
Jordan used its armed forces, as well as other security personnel, to bring supplies to the various
cities, including oil, water, food, and other essentials. The army has shown to be crucial not just
in policing and monitoring the population's behavior throughout this crisis, but also in providing
services. In addition, individuals were given free internet services and lessons were held online
[9]. Furthermore, government authorities and public sectors facilitated money distribution for the
underprivileged, and people were offered full or partial payment, whereas the private sector was
urged to pay 100 percent salary to employees who work from home and a minimum of 50 percent
to those who are unable to work due to various constraints [9].
In terms of how the curfew impacts Jordan's economy, the country's economic structure makes it
particularly sensitive to the mandatory curfew as well as the quarantine measures that the country
is implementing [9].The service sector is Jordan's most important industry, accounting for about
two-thirds of the country's GDP [9]. Furthermore, the country is highly intertwined with the
global economy, importing nearly all of its food, as well as its power and electrical needs. The
nation's economic structure has been impacted by insufficient and incorrect adjustment measures
[9]. Agriculture, for example, consumes more than half of all freshwater available in Jordan each
year, although accounting for only 5.6 percent of GDP in 2018 [9]. The services sector, which is
projected to be the largest industry in the economy, was severely hit in general and in Jordan in
particular as a result of the global lockdown that followed the spread of COVID-19. Greater
austerity measures may be considered by the authorities as a result of increased economic
restrictions. Since the 2000s, the country has taken steps to reduce its welfare programs,
including the elimination of particular food, water, and motor oil subsidies [9]. Nonetheless, this
move has not gone unnoticed; the cuts sparked a series of bread riots around the country.
Following the pandemic, the country's economic situation is anticipated to deteriorate much
worse. This might lead to more protests and perhaps bread riots, posing a new problem for the
country.
4. ECONOMIC IMPACT
In 2019, the Jordanian economy continued to make slow development. The GDP rose by 1.9
percent in three quarters, almost the same as the previous year [10]. While growing net exports
aided economic expansion due to advantageous trade conditions, it was really hampered by a lack
of local demand [10]. The economic growth was insufficient to alleviate the constraints on the
local workforce. As a result, unemployment continued to climb in 2019, reaching 19.1 percent in
2019 compared to 18.6 percent in 2018 [10].
Consistent budgetary slippages for the second year in a row due to fragile revenue and inadequate
spending restraint, particularly in the recurring aspect. The overall economic deficit of major
governments (including grants and cash usage) was just under 5% of GDP in 2019, up around 1.5
percent over the same period in 2018. Weak economic performance combined with slow
economic growth resulted in higher public debt-to-GDP ratios, with central government debt
reaching 99.1% of GDP in 2019 [10].
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Figure 1. Outstanding Government Debt (Budgetary and Guaranteed) [11]
Government domestic debt (budgetary and guaranteed) grew by JD 1,195.7 million at the end of
2020, to JD 18,933.7 million (61.0 percent of GDP, up from 56.1 percent at the end of 2019.)
This increase was due to a JD 1,278.5 million increase in budget domestic debt and a JD 82.7
million reduction in guaranteed domestic debt, compared to their levels at the end of 2019, which
were JD 16,494.7 million and JD 2,439.1 million, respectively [11].
According to The World Bank Report in 2020, Jordan came second after Saudi Arabiain the top
10 economies that improved the most on the ease of doing business after implementing
regulatory reforms. In 2018/19, these economies adopted 59 regulatory reforms, accounting for
one-fifth of all regulatory reforms globally. Their efforts were mostly concentrated on the areas
of founding a business, dealing with building permissions, and cross-border commerce[10].
Table 1 gives data on the Net FDI Inflow into Jordan during the period 2015 to 2020.
Table 1. FDI Inflow to Jordan (In million USD) [12]
Year Net FDI Inflows Increase Y-O-Y Growth
2015 1599 -578 -26.5%
2016 1550 -49 -3.06%
2017 2023 473 30.51%
2018 963 -1060 -52.4%
2019 687 -276 -28.75%
2020 700 13 1.89%
With the exception of 2017, when there was a significant increase followed by a sharp drop the
following year, net FDI inflows have been declining, with a slight increase in 2020, which could
indicate that COVID-19 had no effect on foreigners' desire to invest in Jordan, or it could be a
result of the Jordanian government's implementation of regulatory reforms to facilitate
investment in Jordan in 2018/19.
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Jordan's population was estimated to be at 10.5 million people in 2020 [5]. Jordan's GDP was
USD 43.48 billion in 2020[13]. Figure 1 displays the GDP from 2015 to the first quarter of
2021[13], and you can see that the GDP has increased dramatically year after year, but it is also
obvious that the GDP has reduced in 2020 compared to 2019, which might be due to Covid-19's
influence.
Figure 2 GDP in Jordan, in USD million
5. IMPACT ON ENTERPRISES
When reporting ramifications, it may be difficult to discern between direct effects produced by
the spread of COVID-19 and government response and indirect impacts induced by firms'
answers to challenges they've encountered, such as layoffs and salary reductions to save money.
98% percent of Jordanian enterprises reported being affected by the spread of COVID-19.Worth
mentioning that 10% of the young enterprises (established in 2020) reported that they were not
affected by COVID-19, 70% of them were engaged in the tourism sector, some of them might
have been established because of the pandemic, as they saw an opportunity in there [14].
The great majority of companies see the pandemic as posing a significant danger to their
operations. This is particularly true for businesses in the South, as well as those in the tourist and
hospitality sectors [15].
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Figure 3. Level of Threat Posed by Covid-19 on Businesses: by Region, Size and Sector [15].
5.1. Small and Medium Enterprises SMEs:
According to Investopedia, Small and mid-size businesses (SMEs) are companies with sales,
assets, or personnel that fall below a particular threshold. A small and medium-sized firm (SME)
is defined differently in each nation (SME) [16].
The Europa website employs two major criteria to assess if a company is a small or medium-
sized business. First, the total number of employees should be fewer than 250; second, the
turnover should be less than 50 million euros; and third, the balance sheet total should be less
than 43 million euros. [17]
In Jordan, small enterprises with fewer than 19 employees make for 98 percent of all firms. They
employ over half of the country's private-sector workers. [18]
The majority of microbusiness owners interviewed said the crisis had a big impact on their
operations. The most common problems they encountered were a drop in clients and a drop in
demand for their products and services.[14].
The lockdown has resulted in a full suspension of operations for the majority of SMEs operating
in the nation, and as a result, income streams have been severely disrupted, with 9 out of 10
facing a complete loss of revenue. The minority of businesses who were able to keep some of
their operations running were largely medium-sized businesses, with healthcare service
businesses being the most resilient [15].
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Figure 4. Impact of Covid-19 on Operations and Revenue [15].
Reducing salaries meant reduced purchasing power, combined with closing borders caused a
huge fall in Arab visitors to the country. The tourist industry (growing in the years preceding the
pandemic [19]) was paralyzed and other related sectors were affected like accommodation, food,
and beverages.
Firms that regularly sell their products on weekends or late in the day suffered major income
losses as a result of full closures at the onset of the COVID-19 crisis, as well as the prolongation
of Friday lockdowns and nocturnal curfews. Shorter working hours have also put a further burden
on firms, as employees have had to leave earlier, especially if they reside outside of the city. The
tourism industry has been hit particularly hard by the COVID-19 epidemic, with nearly half of all
tourist businesses needing to lay off personnel since March 2020.[14].
Operationally, 22 percent of the Jordanian enterprises operated the same as before the pandemic.
4 percent of businesses that provided home delivery and 3 percent of businesses that offered pick-
up services for their products and services prior to the outbreak of the pandemic reported a
temporary shutdown or had totally discontinued operations. On the other hand, 12% of businesses
that did provide home delivery to their consumers at home and 7% of businesses that did not
provide pick-up services reported a temporary shutdown or had totally discontinued operations
[14].
On average, enterprises in Jordan work six or even seven days a week, however, this proportion
fell from 52 to 11 percent during the pandemic. Before the pandemic, only a small percentage of
businesses (less than 1%) worked less than five days a week.[14].
With revenue halting and businesses fighting to stay afloat, many are anxious about meeting their
top urgent expenditures, such as rent and wages. While medium-sized firms are more concerned
with making payroll, smaller businesses are more concerned with paying rent. Nonetheless, many
8. Economics, Commerce and Trade Management: An International Journal (ECTIJ) Vol. 3
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company owners are concerned about the long-term impact of the crisis on their operations,
particularly in terms of client retention [15]. See the figure below:
Figure 5. Top Concerns and Costs [15].
Businesses have high expectations for the essential government measures, given the recent
income standstill. In reality, the government is likely to interfere on multiple fronts, including tax
relief, more payment deferrals, and loan help, as well as increased expenditure to stimulate the
economy. Furthermore, considering that most firms' top worry is rent payments, they would
prefer to see the government implement rent relief measures to assist them in cutting expenses in
the short term. [15]. See below figure:
Figure 6. Support Measures Needed by Businesses[15].
9. Economics, Commerce and Trade Management: An International Journal (ECTIJ) Vol. 3
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The majority of firms are considering altering their business models in order to save money or
better manage cash flow; this is the most popular option among medium-sized enterprises,
wholesale and retail, as well as those in the tourism and hospitality industries. Small firms, as
well as wholesale and retail enterprises, were discovered to be biased toward innovation and
digitalization. Manufacturing firms, on the other hand, were primarily interested in altering their
supply chain and logistics. [15]. Shown in the figure below.
Figure 7. Impact on Business Model in the Future [15].
6. CONCLUSION
Since the start of the COVID-19 outbreak and the first national lockdown, almost all of Jordan's
enterprises have been negatively impacted in some way (98 percent). The outbreak wreaked
havoc on small and mid-size enterprises SMEs. Only around 20% of micro and small businesses
are normally operating one year after the epidemic began. When compared to 57 percent of major
businesses, this is a significant difference. During the pandemic, micro and small businesses cut
their workforce in half, whereas large businesses had roughly the same number of employees as
before.
Despite the fact that around 60% of small businesses were successful before the pandemic, 80%
of them had annual revenues of less than 5.000 JOD (about 7,000 USD), rendering them exposed
to market swings. This is especially concerning given that micro and small businesses account for
the great majority of private businesses in Jordan. They account for 40% of Jordan's GDP and
employ 60-70 percent of the private sector's workforce.
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Micro and small businesses have also been unable to make use of the government's support
programs for Jordanian businesses during the epidemic. Only 7% of the micro businesses got any
sort of government assistance, compared to approximately 50% of the larger businesses– and
more formal – businesses. Furthermore, nearly four out of five micro-businesses were unaware of
any accessible help packages.
When it comes to the future prospects of the businesses, a substantial number of them appear to
be balancing on a thin line economically. About two-thirds of all businesses are having trouble
paying their rent, half are having trouble paying their employees, and one-third are having trouble
paying their bills. If the current scenario persists, and businesses continue to amass debt, many
businesses will certainly fail in the near future. This is especially true for small and informal
businesses, which were already less resilient than bigger and more formal businesses prior to the
epidemic.
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