Economic Reforms lead to less Holiday Expenditure

Elvio Andrade, Research Analyst at Euromonitor International, explains the impact of budget reforms in Greece, Ireland and Portugal on the Travel and Tourism industry. These economic reforms and aids were imposed by the EU and IMF to avoid the countries defaulting on their debts, but come at the expense of large budget cuts and structural reforms. In turn, normal Travel and Tourism plans by citizens were put on hold due to the economy – just as the market in Western Europe showed signs of recovery.

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