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Surveying the Carnage: How Real Estate, Travel and Music Are Faring During the Crisis
One hundred million jobs lost and $2.7 trillion in GDP evaporates. NLW looks at the impact of the COVID-19 crisis on key industries.
Updated Dec 11, 2022, 7:27 p.m. Published May 6, 2020, 7:00 p.m.
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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.
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This episode is sponsored by ErisX, The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fundhttps://grayscale.co/coindesk.
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
Real estate:
- 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
See also: When Currencies Fail: A Primer on the Dollar Crisis in Lebanon
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