Answer to Question #250571 in Economics for luyanda

Question

DEVELOP RESEARCH PROPOSAL FOR ASSIGNMENT 1 UNDER THE TOPIC THE IMPACT OF COVID 19 ON GLOBAL RESTSURANT AND HOSPITALITY INDUSTRY

Answer 1

The restaurant and hospitality industries are crucial socio-economic sectors that contribute immensely to the global economy. However, these sectors are vulnerable and sensitive to natural hazards such as the COVID-19 pandemic and any resultant economic downturns.

Sit-in guests dropped to zero in many countries as governments across the world instituted social distancing initiatives, movement restrictions and lockdowns. COVID-19 also led to an unprecedented loss of employment and revenue, resulting in millions of jobs and billions of dollars in potential revenue lost.