Edited By Wolfgang Georg Arlt
Tourism Income Mix:The Role of Chinese Tourists in Kenya’s Hospitality Renaissance. Sandra Rwese
Tourism Income Mix: The Role of Chinese Tourists in Kenya’s Hospitality Renaissance Sandra Rwese 1 Impact of Economic Crisis on Tourism Development In the advent of the 2008 financial downturn and subsequent Eurozone debt crisis, the global economy was thrown into its bleakest position since the end of World War II. Almost every industry has since suffered the adverse effects of this ongoing economic recession – not least the aviation, tourism, and hospitality service sectors. Over the past three years, these sectors have experienced a major setback, struggling to deal with a dizzying deceleration in banking activities, skilled employment, and consumer spending witnessed across traditional source markets; namely in Europe, Oceania and the Americas. What started as a sub- prime housing bubble, proliferated beyond the shores of the Atlantic, exposing a web of fraudulent monetary trading whose domino effects spilled into banking systems as far as Iceland, Greece, Ireland, Spain, and a string of Eastern Bloc countries. The situation was so overwhelming that a few of the aforementioned nations come close to defaulting their sovereign debts. Studying the origins of this catastrophe, one finds that for several years, banks had “cleverly” repacked and resold unserviceable mortgage loans and stock market derivatives to unsuspecting credit-facilitators both locally and overseas. Due to uncontrolled lending among deregulated capital markets, funds were grossly mismanaged and the result was a colossal reduction in the availability of loans and other critical lines of credit. The fallout had, and still has, a serious blanket effect across whole continents....
You are not authenticated to view the full text of this chapter or article.
This site requires a subscription or purchase to access the full text of books or journals.
Do you have any questions? Contact us.Or login to access all content.