While the 2008–2009 financial crisis originated in the US, it quickly disrupted
ID: 1207060 • Letter: W
Question
While the 2008–2009 financial crisis originated in the US, it quickly disrupted financial markets across the globe, including those in Asia, Europe and South America. As volatility spread, many markets seized up along with their counterparts in the rest of the world. For example, Asian bond funds exhibited increased bid-ask spreads, as markets became increasingly difficult. In the US, unemployment skyrocketed to rate unseen in two decades. Provide examples of other crises that were experience when the "Great Recession" happened in 2008. Based on what you now know about investment management and financial analyses, what is the significance of your example? How many people did/does it impact? What recommendations would you make to help resolve the issue?
Explanation / Answer
The financial recession of 2008 effected the tourism industry badly amongst other crisis which happened then like the financial crisis etc. According to various reports published by the World Tourism Organization, international travel strongly got effected beginning in June 2008, and this declining trend intensified during 2009 resulting in a reduction from close of 1000 million international tourist arrivals in 2008 to close to 900 million visitors in 2009, a fall of approximately four percent, and a rough estimate of six percent decline in international tourism receipts.
People who are directly involved with tourism industry or to say people whose livelihood depends on tourism were effected with loss of job etc. Since people did not travel or preferred less travel due to unemployment or personal economic conditions or high airline prices etc.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.