After Corona (COVID-19) Impacts on Global Poverty and Recovery of Tourism Based Service Economies: An Appraisal

Abstract

The COVID-19 pandemic has created dramatic challenges reversing the growth in many economies, reaching the most devastative economical breakdown, converting millions of people with anxiety and depths of poverty that enforce a continuous threat to the most sensitive economies, making them vulnerable, resulting zero income that experienced a worse depression in the diverse sectors. The economic battle has insights on the tangible and intangible service economies that accelerated the negative consequences, specifically, in the tourism sector, which, immersed in the crisis without a potential cure that reverse the flow of economic functioning in the world. The depicted review will elaborate a picture of the global economy in 2020 with the COVID-19 pandemic and possible impact on reaching significant goals of 2030 agenda for sustainable development. Mainly, this paper has concentrated deeper on global poverty which is a peril in the attempts of development strictly affected by the crisis that emphasize income and consumption shortfalls with real aspects of human well-being in the world. Foremost, the review will summit the short run and long run service economic impacts on the global poverty and attempts for the rebirth of tourism service economy, assuring the economic recovery, while injecting and fostering investments and strategies that accelerate and restore the lost demand that protect the resilience of a service economy to combat poverty in order to recover the destructions caused during this global pandemic.

Keywords: COVID-19 pandemic, Global poverty, Service economies, Tourism industry, Economic immunity