The Asian financial crisis
Seminar paper from the year 2008 in the subject Tourism - Miscellaneous, grade: A, Ecole hôtelière de Lausanne (The Emirates Academy), course: TOUR 310, language: English, abstract: After a period of economic upturn in the beginning of the 1990s, Asia has been concussed by a severe fiscal crisis in 1997. As the name implies the Asian Financial Crisis happened in Asia, more precisely in the Eastern Pacific Part of Asia (see Appendix A). Countries that have been affected most by the crisis are Indonesia, South Korea and Thailand. But also the Philippines, Malaysia, Laos and Hong Kong and even Australia had to deal with the unfavorable situation. Merriam-Webster Online Dictionary defines a crisis as “an unstable or crucial time or state of affairs in which a decisive change is impending; especially: one with the distinct possibility of a highly undesirable outcome” (2008). The Asian-Pacific region counts to the leading tourism destinations in the world because of its rich biodiversity, beautiful beaches, cultural curiosities, a great interpretation of hospitality and nevertheless affordable prices. This report investigates the economic factors which led to the crisis. Further the impacts on the tourism industry are demonstrated and suggestions are made how the crisis probably could have been prevented combined with improvements for the future.
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17th century According to Okonjo-Iwela affected Asia Asian Crisis Asian Financial Crisis Asian nations Asian tourists Asian visitor Australia average Baccarat banking system Beckwith and Ahmed Bruce Prideaux Capital Inflows crises Crisis Nadine Poser currencies decline in tourism destination management East Asian countries economic crisis economic factors economic performance Exchange Rate experienced a period External Debt Factors that caused Financial Crisis Nadine fiscal foreign debt GDP growth Government balance growth in tourism Habitat for Humanity Hong Kong IMF staffestimates Impact on tourism implemented Indonesia inflation International Kwakwa Lao PDR lot of Asian Malaysia monetary monthly drop Nadine Poser Appendix negative outbound travel Pacific Bulletin PDR and Cambodia percent change period of recession Philippines private sector Proj promotion activities reserves Retrieved June revenue Singapore Source South Korea spending power strategy TABLE Thailand tourism arrivals tourism destination tourism industry tourism receipts visitor arrivals World Bank