The Asian Financial Crisis
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 Airlines Appendix Asia Asian Financial Crisis Asian nations Asian tourists Asian visitor Australia Baccarat Beckwith and Ahmed Berg billion Bruce Prideaux changes contributing crises currencies decline in tourism destination management develop disaster East Asian countries economic crisis economic factors economic growth economic performance example exchange rate experienced a period Factors that caused fiscal Forecasting foreign debt foreign exchange Fund growth in tourism Habitat for Humanity Hong Kong Impact on tourism implemented increase Indonesia inflation instability International investigate issue Kwakwa Lao PDR late lot of Asian Malaysia misery monetary monthly drop negative noticed offset outbound travel Pacific Bulletin paper PDR and Cambodia period of recession Philippines private sector promotion activities recovery region respond Retrieved June revenue Singapore Source South Korea spending power strategy suffered terrorism Thailand topic tourism arrivals tourism destination tourism industry tourism receipts upcoming visitor arrivals