Seminar paper from the year 2008 in the subject Tourism – Miscellaneous, grade: A, The Emirates Academy (The Emirates Academy, Dubai), course: TOUR 301, language: English, abstract: After a period of economic upturn in the beginning of the 1990s, Asia has been
concussed by a severe fiscal crisis in 1997. As the name implies the Asian Financial Crisis
happened in Asia, more precisely in the Eastern Pacific Part of Asia (see Appendix A). Countries
that have been affected most by the crisis are Indonesia, South Korea and Thailand. But also the
Philippines, Malaysia, Laos and Hong Kong and even Australia had to deal with the unfavorable
situation.
Merriam-Webster Online Dictionary defines a crisis as “an unstable or crucial time or state of
affairs in which a decisive change is impending; especially: one with the distinct possibility of a
highly undesirable outcome” (2008).
The Asian-Pacific region counts to the leading tourism destinations in the world because of its
rich biodiversity, beautiful beaches, cultural curiosities, a great interpretation of hospitality and
nevertheless affordable prices. This report investigates the economic factors which led to the
crisis. Further the impacts on the tourism industry are demonstrated and suggestions are made
how the crisis probably could have been prevented combined with improvements for the future.
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