The Effect of Global Economic Crisis on Turkish Tourism Demand and a Review for the Period 2003-2013
Journal of World Economic Research
Volume 3, Issue 6-1, December 2014, Pages: 22-32
Received: Nov. 20, 2014; Accepted: Dec. 3, 2014; Published: Jan. 27, 2015
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Kudret Gul, Department of Tourism and Hotel Management, Balikesir Vocational School, Balikesir University, Balikesir, Turkey
Nuran Aksit Asik, Department of Tourism and Hotel Management, Balikesir Vocational School, Balikesir University, Balikesir, Turkey
Ali Kemal Gurbuz, Department of Recreational Management, Tourism Faculty, Balikesir University, Balikesir, Turkey
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Turkish tourism has developed as more dependent on the international tourism demand until the 2000s. However, it has gained more stable and more balanced structure with the effect of increase in demand of domestic tourism in the early 21st century. In recent years, despite of the global crisis, the growth rate of the domestic and international tourism expenditure is well above the growth rate of the economy in Turkey. In this study, the effect of the global crisis on Turkish tourism demand has been investigated. The study has focused on factors such as "inflation", "currency" and "interest rates", which may affect Turkish tourism during the global financial crisis. In this way, the effects of the crisis on tourism demand are explained more clearly. The results show occurrence of a significant slowdown in the Turkish foreign active tourism during the global crisis. This deceleration was independent of the inflation and exchange rate effect. Furthermore, it was merely caused by the global crisis. Though, the domestic and overseas travels were increased in Turkey despite of the crisis during the period 2008-2013. Decreasing interest rates played a major role in this increase. Thus, the effect of interest rate on tourist spending can be accepted as a strong influential factor. The study has two important aspects. First, the contractionary effects of the global crisis on the tourism demand are to be determined by taking into account the possible effects of economic variables such as currency, inflation, interest rates, etc. Secondly, this study has a visionary approach, which is an evaluation of the global economic crisis as an opportunity. Besides, it also indicated the effect of the specified variables on tourism demand.
Tourism Demand, Crisis, Growth, Interest, Inflation and Currency
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Kudret Gul, Nuran Aksit Asik, Ali Kemal Gurbuz, The Effect of Global Economic Crisis on Turkish Tourism Demand and a Review for the Period 2003-2013, Journal of World Economic Research. Special Issue: Issues and Challenges of the Financial and Economic Crisis Throughout the World. Vol. 3, No. 6-1, 2014, pp. 22-32. doi: 10.11648/j.jwer.s.2014030601.14
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