One of the key factors that can be used to describe economies and marketing in the modern world is globalization. Globalization has made it possible for goods to be produced in one part of the world and then sold and consumed in another part. Services such as tourism have also benefited from globalization. Through globalization, the world economy has become the dominating factor and have mostly been driven by capital movements (Keegan & Green, 2017). One of the central factors that has aided globalization has been the ease in international travel. World travel markets have made it possible for goods and services to be transported from one part to another easily. For instance, tourism has for a long time been the source of foreign currency income and new job creation (Trunina et al., 2020). Any closure of air travels can thus impact globalization and the movement of goods and services.
The world has been recently hit by the Coronavirus pandemic and many countries have responded with air travel restrictions in order to curb its spread. Almost all affected countries have made restrictions for nonessential services such as tourism and recreation or provided recommendations against travel. Approximately 93 percent of the global population lives in countries that have travel restrictions that are related to coronavirus (Salcedo et al., 2020). Such travel restrictions have had a direct impact on globalization as restricting travel presents activities such as tourism from taking place. Such travel restrictions throughout different parts of the world has resulted in a global crisis that negatively impacts the economy and commercial activities (Karabag, 2020). The production of goods has also slowed down as a result of the restriction of movement as a result of the pandemic. The entire situation shows that air travel, movement of people, goods, and services, and globalization plays a critical role in the world economy. With such restrictions, the world economies and commercial activities has been in a crisis.
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References
Karabag, S. F. (2020). An Unprecedented Global Crisis! The Global, Regional, National, Political, Economic and Commercial Impact of the Coronavirus Pandemic. Journal of Applied Economics and Business Research , 10 (1), 1-6.
Keegan, W. J., & Green, M. C. (2015). Global Marketing, Global Edition . Pearson Education UK.
Trunina, I. M., Sushchenko, O. A., Druzhynina, V. V., & Zahorianska, O. L. (2020). Globalization impact on the world travel market development. In SHS Web of Conferences (Vol. 73, p. 01029). EDP Sciences.
Salcedo, A., Yar, S. & Cherelus, G. (2020). Coronavirus travel restrictions, Across the Globe. The New York Times .
