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Money Talks from The Economist

Money Talks: We’re not going on a summer holiday

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 26 May 2020

⏱️ 22 minutes

🧾️ Download transcript

Summary

Travel has virtually ground to a halt during the pandemic, exacerbating the global economy’s woes—by complicating trade ties, upending business and devastating the tourist trade. Host Simon Long explores the future of the travel industry, staycations in South Korea and future consolidation in the airline industry. Also, could travel bubbles offer a route to economic recovery?  

 

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Transcript

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0:00.0

The summer holidays are usually a time for beaches and booze.

0:07.0

Every year pleasure seekers jump on a plane for some days in the sun but not this year.

0:15.6

I think there has been an unprecedented use of the word unprecedented to describe the

0:19.6

situation.

0:20.6

The idea of having a bunch of people crunch together in the Eurostar is a sure-fire way to ensure that the virus is not going to be controlled.

0:29.0

The coronavirus crisis has sent the world into lockdown and could cancel the northern hemisphere's summer.

0:35.6

This would affect not just holidaymakers but the tourism industry too which is a powerful

0:40.6

driver of global economic growth and development.

0:44.0

Last week, Hertz, a giant in the car rental business,

0:47.0

filed for bankruptcy in America.

0:49.1

The 102-year-old company saw its cash float dry up,

0:52.3

as customers were obliged to stay at home and airports

0:55.2

the big source of revenue closed down.

0:58.6

Hello I'm Simon Long a senior editor at The Economist.

1:03.0

You're listening to Money Talks on Economist Radio,

1:06.0

our weekly podcast on Business and Finance.

1:09.0

In this program, we'll hear about how tourism and travel companies as well as governments

1:15.8

are adapting to a much changed world and would ask what the travel industry will look

1:21.0

like in the future.

1:25.0

Corona virus is having what I would call a total impact on tourism.

1:32.0

Every aspect of travel, accommodation of anything you might want to travel for is being impacted.

1:37.0

Stanley Pinayal is the economist European business and finance correspondent.

...

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