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The Impact of the Financial and Economic Crisis on European Tourism

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  • Egon Smeral

    (WIFO)

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).

Suggested Citation

  • Egon Smeral, 2009. "The Impact of the Financial and Economic Crisis on European Tourism," WIFO Monatsberichte (monthly reports), WIFO, vol. 82(3), pages 195-208, March.
  • Handle: RePEc:wfo:monber:y:2009:i:3:p:195-208
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    Cited by:

    1. repec:eee:touman:v:48:y:2015:i:c:p:164-173 is not listed on IDEAS
    2. Andreas PAPATHEODOROU & Pavlos ARVANITIS, 2014. "Tourism And The Economic Crisis In Greece - Regional Perspectives," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 39, pages 183-203.
    3. Egon Smeral, 2014. "Austrian Tourism in 2025: City Tourism is the Growth Engine," WIFO Monatsberichte (monthly reports), WIFO, vol. 87(2), pages 143-155, February.
    4. repec:eee:touman:v:63:y:2017:i:c:p:3-9 is not listed on IDEAS
    5. Concepción Foronda-Robles & Luis Galindo-Pérez-de-Azpillaga, 2016. "From initial dissemination to consolidated impact: the concept of crisis in the field of tourism," Scientometrics, Springer;Akadémiai Kiadó, vol. 109(1), pages 261-281, October.
    6. Antonakakis, Nikolaos & Dragouni, Mina & Filis, George, 2015. "How strong is the linkage between tourism and economic growth in Europe?," Economic Modelling, Elsevier, vol. 44(C), pages 142-155.
    7. repec:rsr:supplm:v:65:y:2017:i:8:p:145-158 is not listed on IDEAS
    8. repec:eee:touman:v:32:y:2011:i:1:p:172-186 is not listed on IDEAS
    9. 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.
    10. 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.
    11. 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.
    12. Alfaro Navarro, José-Luis & Andrés Martínez, María-Encarnación & Trinquecoste, Jean-François, 2015. "The effect of the economic crisis on the behaviour of airline ticket prices. A case-study analysis of the New York–Madrid route," Journal of Air Transport Management, Elsevier, vol. 47(C), pages 48-53.
    13. 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.
    14. repec:eee:touman:v:35:y:2013:i:c:p:181-189 is not listed on IDEAS
    15. repec:eee:touman:v:40:y:2014:i:c:p:330-337 is not listed on IDEAS
    16. 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 Press, vol. 5(2), pages 77-84.
    17. Park, Sangwon & Yaduma, Natina & Lockwood, Andrew J. & Williams, Allan M., 2016. "Demand fluctuations, labour flexibility and productivity," Annals of Tourism Research, Elsevier, vol. 59(C), pages 93-112.
    18. repec:eee:touman:v:46:y:2015:i:c:p:375-385 is not listed on IDEAS

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    Keywords

    Prognose Tourismus Österreich;

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