The tourism and travel sector is one of the most severely affected by the COVID-19 pandemic that has resulted in major lockdowns globally. While the real effects are yet to be measures, estimates are nothing short of troubling. According to the World Travel and Tourism Council this critical job-creating sector is facing an existential threat.
In Kosovo, a rough estimate of a two-month economic termination of the hospitality sector can have the following impact: more than 12,000 inactive employees at risk of losing their jobs and without income; people employed in this sector would lose a total amount of over EUR 6 million in wages; 3,683 SMEs are directly impacted with costs of around EUR 13 million loss in turnover, and due to inactivity of the hospitality sector, further impact in interlinked sector could be more than EUR 10 million.
As countries undertake measures to mitigate the economic downturn, the Promoting Private Sector Employment project of the Swiss Agency for Development and Cooperation in Kosovo put together a paper on the Economic Impact of COVID-19 Pandemic on Hospitality Sector in Kosovo. The paper was submitted to the Ministry of Finance and Transfers in Kosovo, to support their planning on economic mitigation measures for this important sector of the economy.
Read full paper here: https://bit.ly/2wJFLRP