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Impact of Covid-19 on the economic state of the hotel and restaurant business

Author

Listed:
  • Yurii Kovtunenko
  • Natalia Palzhok
  • Polina Tarutina
  • Mariya Babynina

Abstract

The article considers the key problems, changes and limitations in the activities of the hotel and restaurant industry in the period of Covid-19. We also consider statistical data that provide an idea of the state and trends in the hotel and restaurant business in Ukraine during the pandemic. The impact of the coronavirus pandemic (COVID-19), which caused huge disruptions in the work of enterprises in various industries, was analyzed. A number of problems faced by the hotel and restaurant business in Ukraine have been identified. Practical proposals for overcoming the crisis are provided, the implementation of which will reduce the negative impact of the pandemic. Coronavirus has caused serious damage to the hotel and restaurant business in Ukraine and it may take more than a year for the sector to recover. As a result, almost the entire world economy has cracked. Many sectors of the economy around the world have lost their positions, and millions of people have lost their jobs. All this has a negative impact on people's well-being, their financial situation and can lead to a major economic crisis. In addition, severe restrictions were imposed on the socio-cultural sphere of life. These include, for example, a ban on attending public holidays / sports events, closing shops, cafes, salons, hotels, etc., restrictions on movement within the country and abroad. The domestic hotel and restaurant business was one of the first to feel the consequences of quarantine. This is one of those industries where there is fierce competition for a place "under the sun" and there is a need to constantly evolve to meet all the desires of customers. Due to quarantine, people were forced to forget about travel, borders were closed, and travel agents were forced to reimburse their clients for booked tours. Quarantine measures have almost completely stopped such sectors of the economy as the hotel and restaurant business, air transport, retail and more

Suggested Citation

  • Yurii Kovtunenko & Natalia Palzhok & Polina Tarutina & Mariya Babynina, 2022. "Impact of Covid-19 on the economic state of the hotel and restaurant business," E-Forum Working Papers, Economic Forum, vol. 12(1), pages 120-126, May.
  • Handle: RePEc:cuc:eforum:v:12:y:2022:i:1:p:120-126
    DOI: https://doi.org/10.36910/6775-2308-8559-2022-1-15
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