One hundred million jobs lost and $2.7 trillion in GDP evaporates. Shutdowns lasting 18 to 24 months. NLW looks at the impact of the COVID-19 crisis on key industries.
The second-order effects of the COVID-19 crisis are here, and they’re painful. In this episode of The Breakdown, NLW looks at how COVID-19 is impacting three industries:
Travel and tourism:
- 100 million in lost jobs expected globally
- $2.7 trillion in lost GDP
- Airbnb lays of 25% of employees
Music and concerts:
- From a record $12.2 billion concert year to a loss of $9 billion
- Expectations there will be no concerts for up to two years
- The industry organizing to be included in relief
- Commercial real estate expecting 2.5% default rate for the next five-plus years
- Negotiations around sales-based payment instead of traditional rent
- Residential real estate may have cratering demand but home prices remain up year over year
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