Economic Crisis Impact on Tourism

Being a complex and dynamic sector of activity, an important job and cash flow generator and also a source of economic development and growth, the tourism industry represents one of the most important pillars of the economies of countries. Starting with 2007, humanity began to face a severe economic crisis of unprecedented dimensions in a society that has never before been so closely connected and interdependent. This paper seeks to examine the emergence of the global crisis, conduct a review of the main paradigms of current economic thinking and to relate some of the experts' opinions about the causes of the economic crisis creation. In the same time, the importance of tourism to the economy is highlighted, starting from a global point of view and moving into an European perspective. The impact of the global crisis on tourism is observed and, especially, that suffered by national tourism. In the last part of the work, a forecast is made of the arrivals indicator for a period of three years, with the aim of observing future trends in Romanian tourist activity. Knowledge of how individuals make choices and how these choices have changed after the economic crisis may offer important advantages in business practice and can help in making policies that lead to the development of Romanian tourism. Also, this paper can contribute to understanding the effects of the economic crisis in the tourism industry in order to readjust the policies supporting this sector.

Keywords

economic crisis, impact, tourism, travel, Romania, Europe, forecasts

JEL Classification

A10, B53, E20, L83

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