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International Tourism at Crossroad Between the Recent Economic Recession and the Actual Growth Trend of the World Economy

Author

Listed:
  • Octavian-Liviu Olaru
  • Constanta-Aurelia Chitiba
  • Livia-Irina Olaru

    () ("Dimitrie Cantemir" Christian University)

Abstract

As a result of the extremely volatile world economy in 2008, tourism demand slowed steadily through the year. Overall, the 5% growth of the tourism world demand between January and June gave way to a 1% decline in the second half of the year. Growth returned to international tourism in the last quarter of 2009 contributing to better than expected full-year results, according to the outlook drawn up by the UNWTO specialists. International tourist arrivals are estimated to have declined worldwide by 4% in 2009 to 880 million. Against the overall economic indicators in recent months, UNWTO forecasts a growth in international tourist arrivals of between 3% and 4% in 2010. By region, Asia is expected to continue showing the strongest rebound, while Europe and the Americas are likely to recover at a more moderate pace.

Suggested Citation

  • Octavian-Liviu Olaru & Constanta-Aurelia Chitiba & Livia-Irina Olaru, 2010. "International Tourism at Crossroad Between the Recent Economic Recession and the Actual Growth Trend of the World Economy," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 2(3), pages 16-22, September.
  • Handle: RePEc:khe:journl:v:2:y:2010:i:3:p:16-22
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    More about this item

    Keywords

    Financial crisis; recession; stagnation; incertitude; growth;

    JEL classification:

    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration

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