The impact of Argentina’s financial crisis on its hospitality industry
Read previous Global Hotel Network (SM) Reports:
26 February: The impact of Sept 11 on Hong Kong’s hospitality industry; 21 January: The State of the Latin America Hospitality Industry; 12 November: The State of Asia Pacific’s Hospitality Industry; 25 October: Asia Pacific Hotel Investment Sentiments; 25 October: Canadian Hotel Financing Trends; 24 September: US Hotel Finance Market; 20 August: Curitiba; 6 August: San Diego; 23 July: Poland; 9 July: Europe; 25 June: Caribbean; 11 June: Asia Pacific; 24 May: UK; 14 May: US; 18 April: Barcelona; 9 April: Perth; 3 April: West Los Angeles / Santa Monica; 27 March: Sydney; 12 March: Lagos & Abuja; 5 March: Prague; 26 February: Seoul; 19 February: Bahamas; 12 February: Calgary; 5 February: Beirut; 29 January: London; 22 January: Hong Kong; 15 January: Phoenix; 11 January: French Riviera; 5 January: Jaipur; 18 December: Geneva; 12 December: Boston; 4 December: Mumbai; 27 November: Tokyo; 22 November: Las Vegas; 17 November: Shanghai; 6 November: Budapest; 30 October: Kuala Lumpur / Penang; 23 October: Lisbon; 20 October: Buenos Aires; 13 October: Madrid; 4 October: New York City; 27 September: Jakarta/Bali; 20 September: Manila; 14 September: Dubai; 7 September: Montreal; 31 August: Los Angeles; 22 August: Cancun; 15 August: Adelaide; 8 August: Istanbul; 1 August: Brasilia; 24 July: Cairo; 17 July: Jerusalem; 6 July: Delhi.
March 20, 2002
This Global Hotel Network® Report takes a look at “The Impact of Argentina’s Financial Crisis on Argentina’s Hospitality & Tourism Industry” from the perspective of Dr. Eduardo Pestarino, Partner in Charge, Hotel & Tourism Division, Horwath Consulting (Argentina). Dr. Pestarino explains:
Introduction
Early in the 20th century Argentina was considered as the seventh richest country in the world, with a per capita income ahead of those of Canada, France, the Netherlands, Italy, Japan and Spain and not far behind that of the United States.
Today, the average Argentine income is less than a quarter of that of the United States, and 40 percent of the country’s 37 million people live below the poverty line. Unemployment is at a record 22 percent, and the situation is getting worse: the government acknowledges the economy will shrink by 5 percent this year, but most independent forecasters talk of a decline of 8 percent or more.
The political situation is not better. After the resignation of former President De la Rúa last December, the country is suffering the weakness of the traditional parties as well as the institutional crisis derived from the dispute between the Executive Power and the Supreme Court of Justice.
The present scenario includes:
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