The economic crisis is a situation in which a quick slip brought on by the financial crisis. This situation effects the whole country, the economy may face inflation-deflation, go down GDP and crash the stock market. GDP is a value of every product which a country produces in the specific time period.
The global economic crisis is a worldwide tough time for the business. In this situation, the potential customers stop purchases until the situation gets better. Business effected worldwide, big countries like USA Europe affected the most but it also impacts on small Asian countries.
Global Economic Crisis On Pakistan Tourism
Like many other effects, economic crises drop impact on tourism. Economist agreed on this after comparing the arrival of tourists before and after this situation. However, it apparent in age difference, the purpose of visit, duration of stay etc.
Pakistan is like a gem for tourists, but it’s still a growing industry. From historical places to mountain hills it has a variety of attractions for every kind of tourist. K2 and other mountain hills having great attraction for hiking lovers worldwide. On the other hand historical places like mohenj o daro, Qilla Katas, Harrapa, tomb of jahangir, badshahi masjid showing the culture and history of Pakistan also having an attraction to tourists.
Pakistan’s tourism industry badly effected by global economic crisis like others. Pakistan receives about 500000 tourists per year since 2000. But after that, as global economic crisis hits everything, this industry also effected.
As per world bank group, Pakistan receives 378000 tourists in 1995 ver next year it decreases to 369000 in 1996. In 1997 Pakistan host 375000 tourists and it continues to increase 429000 in 1998 and 432000 in 1999.
In 2000 it jumps on 557,000 and then the global economic crisis start and it downturn to 500000 in 2001 and 498000 in 2002. However, it starts growing in 2003 with 501000 and 648,000 in 2004.
However, this strength reaches to 1,167,000 in 2011 and another downfall start due to the economic crisis. And this strength continue to fall to 966,000 /565,212/ 530,000/563,400 respectively 2012 /2013/ 2014/ 2015. And then it starts growing up like 965,498 in 2016 and 1,750,000 in 2017.
This study shows how much global circumstances effected the industry of tourism. It also effect all the sectors of each and every country to stop this situation combine policies need to develop.