The rapid spread of omicron and consequent travel restrictions have created obstructions to the growth of the travel and tourism industry lately. Moreover, the debt is mounting for the companies in this space amid the low-interest-rate environment.
While booking cancellations, rising fuel prices, and staffing shortages are major near-term concerns for the travel industry, the situation is expected to improve later this year, with COVID-19 becoming an easily treatable disease.
