Financial Impact On Tourism
Chapter One
First, Introduction:
Tourism is the fastest growing industry, which provides enormous compensation to both local and global community. The sector participates in financial activities all over the world and it creates wide job opportunities. Great development in the tourism sector remains to have a vast influence on financial growth in several fields as it works as a motivation for economic development. Furthermore, financial growth of the nations improves development of the tourism sector; consequently, an economic fluctuation will have an unfavorable result on tourism.
Current credit crunch crisis has evolve from other key crises that have happened in industrial world in recent decades and spread to emerging economies and less
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cit., pp. 71-144
Central European Review of Economics and Finance, vol. 1. No 2, The Impact of Economic Crisis on Tourism and Hospitality, (2011).
Facts and figures about European Tourism, http://ec.europa.eu/index_en.htm retrieved on 20 Apr. 2010). Baliedutours, The Impacts of Global Financial Crisis to the Indonesian’s Tourism Receipts, November 7, 2010 http://www.baliedutours.com/the-impacts-of-global-financial-crisis-to-the-indonesian%E2%80%99s-tourism-receipts.html retrieved on June 20, 2010 “United Arab Emirates Tourism Report Q4 2009,” online at: www.companiesandmarkets.com, Dec. 15, 2009
The tourism sectors in several Mediterranean countries have been negatively affected by the crisis, as economic strains in the countries of origin have led to a re-consideration of travel plans (and budgets). Central Bank of Egypt (June 2008), Time Series, http:// http://www.cbe.org.eg/English/Economic+Research/Time+Series/ retrieved on Dec. 25, 2009 Global Economic Prospects: Uncertainties and vulnerabilities, Regional Summary: Middle East and North Africa, January 2012 ibid Global Financial Crisis Bulletin, Impact Of The Economic Crisis On The Hospitality, Travel And Leisure Industry, 2009, http://www.protiviti.com Retrieved on October 30,
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Because of growing tourism activities many places in the world are increasingly tied to the industry and related cultural, social, economic and political networks. The current global economic credit crisis, in addition, has underlined the impact of shifting economic fortunes on the global tourism
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