The Impact of Economic Crisis on Tourism and Hospitality: Results from a Study in Greece
Central European Review of Economics and Finance, Vol. 2. No. 1 (2012), pp. 19-30
14 Pages Posted: 24 Sep 2012 Last revised: 14 May 2013
Date Written: 2011
The hospitality and tourism sector is experiencing numerous challenges as a result of the global economic crisis. After a significant contraction in 2009, tourism rebounded strongly in 2010 and in 2011 the international tourist arrivals and receipts are projected to increase substantially. The hospitality industry is expected to show a sustained recovery in 2012. The crisis has particularly strong impact and negative consequences in Greece. The country is undergoing a serious political crisis, as well, and it seems that the forthcoming elections are the only solution for the restoration of stability and social peace. In addition, tourism can be the driving force behind Greece’s economic recovery. However, for its achievement the country’s policy makers should take several measures towards restructuring and improving the sector. These measures include: enhancement of alternative forms of tourism; environmental protection; creation of quality infrastructure; and boost of competitiveness through a tourism product that offers value for money.
Keywords: Hospitality, tourism, crisis, Greece, recession, social peace
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