The Asian Financial Crisis

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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 beenconcussed by a severe fiscal crisis in 1997. As the name implies the Asian Financial Crisishappened in Asia, more precisely in the Eastern Pacific Part of Asia (see Appendix A). Countriesthat have been affected most by the crisis are Indonesia, South Korea and Thailand. But also thePhilippines, Malaysia, Laos and Hong Kong and even Australia had to deal with the unfavorablesituation.Merriam-Webster Online Dictionary defines a crisis as “an unstable or crucial time or state ofaffairs in which a decisive change is impending; especially: one with the distinct possibility of ahighly undesirable outcome” (2008).The Asian-Pacific region counts to the leading tourism destinations in the world because of itsrich biodiversity, beautiful beaches, cultural curiosities, a great interpretation of hospitality andnevertheless affordable prices. This report investigates the economic factors which led to thecrisis. Further the impacts on the tourism industry are demonstrated and suggestions are madehow the crisis probably could have been prevented combined with improvements for the future.