The Asian Financial Crisis
GRIN Verlag, 2008 - 40 pages
Seminar paper from the year 2008 in the subject Tourism, grade: A, The Emirates Academy (The Emirates Academy, Dubai), course: TOUR 301, 10 entries in the bibliography, 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 akademische Texte Asian Crisis Asian Financial Crisis Asian tourists Asian visitor Australia average Beckwith and Ahmed Bruce Prideaux Capital inflows crises Crisis happened Crisis Nadine Poser decline in tourism destination management East Asian countries East Asian nations economic factors Exchange Rate experienced a period External Debt Financial Crisis GRIN Financial Crisis Nadine fiscal crisis forecast Government balance GRIN Verlag growth in tourism happened in Asia Hong Kong IMF staffestimates impact on tourism Inbound tourism Indonesia investigate Kwakwa Lao PDR lot of Asian Malaysia monetary Nadine Poser Appendix º º outbound tourism outbound travel Pacific PDR and Cambodia period of recession Philippines private sector Proj Proj real GDP growth real growth)2 revenue Short-term Singapore ſº Source South Korea spending power strategy suffered Thailand tourism arrivals tourism destination tourism industry tourism receipts Tourism researchers value of currencies