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FISCAL ASPECTS OF THE LEISURE TRAVEL AND TOURISM INDUSTRY

fuel price increases. Tourism growth suffered as a result during and shortly after each of the energy crises. Just as worldwide tourism was poised for another growth period in the early-1980s, the most severe economic recession in more than 40 years hit the United States, and most other industrialized countries experienced economic recession soon afterwards. Thus, the anticipated international travel boom never materialized.

In late-1983, however, the United States economy entered a recovery period, and, in the following two years, most of the other industrial economies also began to recover. In 1984, the long hoped for international travel boom finally got under way.

In early-1986, however, tourism was again to suffer. This time it suffered as a result of terrorist attacks directed at Americans. In one sense, terrorism was not all bad for tourismùin the context of economic benefits for specific countries. The terrorists in 1986 were largely Palestinian and the targeted victims were, for the most part, American Jews. Thus, most of the terrorist attacks involved travel in Europe and the Mediterranean area. Tourist destinations in the Pacific area actually benefited, to some extent, when some Americans changed their travel plans.

In 1988, tourism once again began a rise. This time, however, the crisis in the Middle East that eventually erupted into the Gulf War brought tourism to a screeching halt ("Industry in A Crisis," 1991). When the Gulf War ended, tourism was once again expected to begin a growth phase. By that time, however, the United States had entered into an extended economic recession, and economic activity in most of the other industrial nations had begun to slow. Recovery in the travel industry then was expected to be delayed until the mid-1990s (Jusko, 1991).

The mid-1990s witnessed a surge in economic growth in the United States and the late-1990s were characterized by explosive growth in th...

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FISCAL ASPECTS OF THE LEISURE TRAVEL AND TOURISM INDUSTRY. (1969, December 31). In LotsofEssays.com. Retrieved 00:43, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1687202.html