With countries re-opening their borders, lessening restrictions, and easing their mask mandates for travelers and locals alike, one may wonder about the changes made to foreign policies in wake of the pandemic. Numerous amendments were made by all nations to limit the socio-economic impact that COVID-19 had on their workforce and economy based on the extenuating circumstances. Some of these changes may very well be permanent. For example, rental debts and student loans were given grace periods for repayment in the early stages of the pandemic, financial aid from the US and other first world countries was readily available to those most affected by the virus, and the United Nations rallied together to implement a global vaccination drive in a bid to curb the astronomical level of human lives claimed by the virus. These are just a few of the policies which helped countries during the pandemic which may stay around for a while yet.
Financial Policies
In terms of finance, many banks and other institutions paused payments and implemented lower interest rates to lessen the financial strain on families affected by the pandemic. This was especially necessary in instances where the sole breadwinner of the family became ill or was laid off from their job. The Da Afghanistan Bank and the Bank of Albania are just two of the many financial institutions which suspended administrative penalties and loan classifications pre-pandemic. As cases rise in some countries and fall in others, it is uncertain when this particular policy will be completely lifted by all financial institutions.
Fiscal Policies
The pandemic led to the stagnation of the world’s economies, which was practically a crash waiting to happen. In light of this, stimulating the economy became a priority for every country’s government once the number of active COVID-19 cases stabilized. Belize announced its plan to provide short-term relief for its citizens, mainly those in the tourism sector. The Belizean government has also provided finance for additional healthcare and unemployment relief through various loan agreements with both local and foreign stakeholders. The Brazilian government set about transferring money to low-income families via the Emergency Aid Program, lowering tax rates, assisting vulnerable families, and expanding the healthcare system to meet the needs of citizens. Countries like Portugal and Italy have even gone as far as offering full housing and land accommodations in return for people repopulating empty villages and towns, all in a bid to resume pre-COVID levels of economic activity. These policies all point towards countries concentrating heavily on increasing traffic to their economies, whether through trade, investment, or tourism.
Corporate Travel Policies
Travel restrictions are being lifted slowly but surely around the world. With them comes a host of rules and guidelines that airlines and host nations have implemented in the interest of their clients and citizens, respectively. In particular, the role of the business class in providing a large portion of revenue for these two groups has been recognized. However, corporate travel policies have now become stricter due to the pandemic, though this may be subject to change. Assisted bookings have also risen in popularity from 9% to 20% in preference to online bookings. Travel agencies say that in order for online bookings to become reliable once more, features such as contextual policies and integrated destination health and safety information should be provided.
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Published July 13, 2022
Written by Karena Dindial ~ Edited by Jade Thomas ~ Graphics created by Fiona Xu
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