Widespread deployment of the COVID-19 vaccine last year garnered hopes that our world, as we once knew it, would return back to “normal”. As we now know, this was not the case. Eager globe-trotters resumed travel towards the end of 2021, though travelling looked and felt quite different.
What’s in store for the global economy and travel industry in 2022? Read on for a summary of what experts around the globe are predicting for the year.
The Rise of Omicron
The fast and unexpected rise of the extremely contagious omicron variant sent the travel industry into a tailspin. The cruise industry, which suffered massively since 2020 and had just begun to recover, was hit badly once again. Airlines were also forced to cancel flights across the board and entire crews were off sick.
Added precautions, such as vaccine passports and testing requirements prior to entering countries and returning home, have also become the new norm. These measures do not appear to be ending anytime soon.
For many who are eager to escape home, these extra precautions are a mild inconvenience but for many others, they are a complete deterrent from travel.
Cautiously Optimistic for 2022
However, it’s not all doom and gloom.
Experts are cautiously optimistic about the economic outlook in 2022:
“While omicron is likely to produce a surge in cases sometime in the first quarter of 2022, the increase in severe illness should be more muted. Furthermore, if omicron turns out to be a highly contagious yet mild variant, it could help usher in a complete return to normal.”
As booster shots are quickly rolled out, a major announcement was made in early January by the Moderna CEO that another booster will be needed in the fall of 2022, and possibly more still.
"I still believe we're going to need boosters in the fall of '22 and forward," Bancel said.
This news may come as no surprise to you. For many, it even sparks confidence that the pandemic is finally under control and that there might be an end in sight. We are all cautiously optimistic!
Highest Inflation in Decades
In Canada, inflation is the highest it’s been in decades and 2022 does not appear to be letting up. The price of food, cars, gasoline, and homes have sky-rocketed. This chain reaction of inflation will likely result in workers demanding higher wages and businesses raising their prices. The bottom line is that everything will cost more.
Closing Thoughts
It’s quite understandable that the economic outlook for 2022 may bring some fear of the unknown. Looking at the data and trusting the science is always the best course of action. If you have travel plans, be sure to check your area’s restrictions often as they are changing frequently.
At Global Currency Services in Guelph, we are here to support you in any way that we can in 2022 and beyond. We offer the most affordable wire transfers for sending funds abroad and can help you convert cash for travel. Whatever your needs are, we’ve got your back.