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The Impact of the Financial and Economic Crisis on European Tourism

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  • Egon Smeral

    (WIFO)

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    Abstract

    As of the late winter season of 2009 it has become obvious that the Austrian tourism industry can no longer escape the effects of the slowdown in international demand. Consequent to lagging adjustments to negative income and labour market expectations, the steep decline in tourism demand is expected to be further exacerbated throughout 2009. In 2009, the effects of the international credit crunch and economic crisis and the resultant slump across all sectors of the economy will cause international demand for foreign travel in the EU 15 to drop by 4.5 percent in real terms, although the decline should slow down significantly in 1010 (–1 percent).

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    File URL: http://www.wifo.ac.at/wwa/pubid/35442
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    Bibliographic Info

    Article provided by WIFO in its journal WIFO-Monatsberichte.

    Volume (Year): 82 (2009)
    Issue (Month): 3 (March)
    Pages: 195-208

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    Handle: RePEc:wfo:monber:y:2009:i:3:p:195-208

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    Related research

    Keywords: Prognose Tourismus Österreich;

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    Cited by:
    1. Mina Dragouni & George Filis & Nikolaos Antonakakis, 2013. "Time-Varying Interdependencies of Tourism and Economic Growth: Evidence from European Countries," FIW Working Paper series 128, FIW.
    2. Mohanty, Sunil & Nandha, Mohan & Habis, Essam & Juhabi, Eid, 2014. "Oil price risk exposure: The case of the U.S. Travel and Leisure Industry," Energy Economics, Elsevier, vol. 41(C), pages 117-124.
    3. Raluca TUDOR, 2012. "The Image Of Tourist Destinations Represented In Travel Blog Photography. Case Study: Romania'S Image Reflected In French Bloggers Photos," Revista de turism - studii si cercetari in turism / Journal of tourism - studies and research in tourism, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 13(13), pages 32-39, June.
    4. Canina, Linda & Carvell, Steven A. & Ma, Qingzhong & Ukhov, Andrey D., 2013. "Business cycle and asset valuation in the gaming industry," Journal of Business Research, Elsevier, vol. 66(9), pages 1689-1695.
    5. Janez Mekinc & Maša Budnar Radilovic & Boštjan Bizjak, 2012. "The Impact of the Financial Crisis on Business Events at Natural Spas – The Slovenian Case," Academica Turistica - Tourism and Innovation Journal, University of Primorska, Faculty of Tourism Studies - Turistica,, vol. 5(2), pages 77-84.

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