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Asmelash & Cooper, 2020

The COVID-19 pandemic has severely impacted the travel industry with 80% of hotel rooms empty and airlines cutting their workforce by 90%, while tourism destinations are unlikely to see any profits in 2020; consulting, personal services like hairdressers and gyms, and industries like car manufacturing also came to a standstill due to lockdowns, raising questions around supporting employees and companies' preparedness for crises as well as how some countries like China are using this time to enhance their competitive positions through international investments.

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96 views1 page

Asmelash & Cooper, 2020

The COVID-19 pandemic has severely impacted the travel industry with 80% of hotel rooms empty and airlines cutting their workforce by 90%, while tourism destinations are unlikely to see any profits in 2020; consulting, personal services like hairdressers and gyms, and industries like car manufacturing also came to a standstill due to lockdowns, raising questions around supporting employees and companies' preparedness for crises as well as how some countries like China are using this time to enhance their competitive positions through international investments.

Uploaded by

Anonymous N9dx4ATEgh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Add to Introduction

The travel industry is deeply affected; 80% of hotel rooms are empty
(Asmelash & Cooper, 2020), airlines cut their workforce by 90%, and tourism
destinations are likely to see no profits in 2020. Furthermore, expos,
conferences, sporting events, and other large gatherings as well as cultural
establishments such as galleries and museums have been abruptly called off.
Consulting in general and personal services, like hairdressers, gyms, and taxis,
have also come to a standstill due to lockdowns. Finally, important industries
like the car, truck, and electronics industries have abruptly closed (although
they started to open up two months after their closure). There are an endless
number of questions we could ask ourselves in connection to this rather
abrupt close-down. For instance, how do we take care of employees in such
situations? Why are companies not better prepared to handle such situations
(e.g., putting aside earnings or thinking of alternative sources of income)?
How are the companies and even countries using the current situation to
enhance their competitive situation? One of the countries that seem to be
using the situation is China that is buying European based infrastructure and
technology (Rapoza, 2020).

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