Pandemic Crisis: Global Economic Impact Tracker
After the restrictive lockdown measures were relaxed in the summer, the coronavirus has once again raged around the world and has caused the most severe global economic contraction since at least the 1930s.
Economic activities have begun to resume, the blockade has eased, but now they are facing New restriction With the increase in the number of cases. Due to a delay of several weeks to several months between the production of official economic data and the time period covered, it was outdated before its release.
The Financial Times is tracking the most relevant alternative indicators to understand the changes in activities in key sectors and countries as early as possible. In addition to regular updates to the chart, new indicators will be added as they become available.
In most countries, household spending accounts for the largest part of the economy, and economic recovery largely depends on whether consumers regain the confidence to increase spending from ultra-low levels.
Google Mobility data (tracking foot traffic) from retail and entertainment centers is seen as a proxy for consumer spending. It shows that after the initial rise, as the number of cases in many countries increases, fewer people go to crowded places.
The cinema also tells a similar story. After the gradual return, visitation activity dropped again in many countries where confirmed cases of the virus have increased.
The official unemployment figures lack international comparability. However, other information can help us understand the impact of this crisis on the job market, which has caused millions of people to lose their jobs or rely on government vacation programs.
Travel and tourism
Tourism was one of the industries that was hit hardest by the strict lockdown and travel ban in March and April. According to data from the United Nations World Tourism Organization, by 2020, the number of global arrivals will decrease by 58% to 78% year-on-year. The agency estimates that between 100 million and 120 million direct tourism jobs are at risk.
With the relaxation of the blockade and the reopening of the Asian and European borders, flight and hotel occupancy rate data show that international mobility is slowly recovering.However, the latest data from seetransparent.com This shows that in many countries, the rise of Covid-19 has hit bookings, and people are still cautious about future travel plans.
According to published data Flightradar24 Commercial air traffic in January was actually higher than the same period last year. However, the number dropped sharply in late March and fell by about one-third of the typical level by early April. The recovery has been slow, reflecting the decline in tourism and business travel during the crisis.