The Impact of the Financial and Economic Crisis on European Tourism

Abstract

This study 1 concentrates on analysing and forecasting demand for international travel of the EU 15 countries in terms of tourism imports at constant prices and exchange rates. Starting out from a description of the key macroeconomic factors, it then analyses their effect on tourism demand and develops forecast models. Two scenarios are evolved to project demand for foreign travel in 2009 and 2010, and their findings are discussed. Subsequently, proposals are developed for strategies aimed to mitigate the consequences of the crisis.