2. A regional recession when it affects only a region or
group of coountries.
Example:European Sovereign Debt Crisis
This Crisis started in 2010 when Greece was unable to
repay its government debt.Since then,other European
countries such as Ireland,Portugal and spain have also
sought help in repaying their government debts.This
result in the collapse of businesses and financial
institution,and massive unemployment.
3.
Global recessions is a period of global
economic slowdown. Generally, the
International Monetary Fund (IMF) considers a
global recession as a period where gross
domestic product (GDP) growth is at 3% or
less. In addition to that, the IMF looks at
declines in real per-capita world GDP along
with several global macroeconomic factors
before confirming a global recession.
4.
Well explanation of Global recession with
usage of specific examples
However did not explain how recession affects
tourism??!!!
How do you think tourists would be affected
during a recession?
What would the various government do to
tourism in times of recession?
What are the consequences of tourist spendings
during a recession?
