Recession & tourism industry in London during 2007-2010 Dissertation

Recession & tourism industry in London during 2007-2010 - Dissertation Example The tourism industry in London serves as the epitome of how the recession greatly ravaged several industries, given that it is considered as specialising in the provision of services that are secondary to human needs. However, the gravity of the matter herein is that this development does not auger well for the entire economy, since tourism provides important socio-cultural, economic and political values to any given economy. It is for this reason that studying the impact of the 2007-2010 global financial recession on tourism becomes needful. Introduction That financial vibrancy of an economy affects different industries therein is a matter that is beyond gainsay. This is so since austere economic constraints compel people to seek more economically viable alternatives. This is particularly the case when the industries involved are seen to be peripheral to human needs. Specifically, recreational and tourism industry are very vulnerable to financial meltdown that may take place at eith er the national or global level. This is because tourism is considered marginal to values that are sacrosanct to the sustenance of human life. Man eventually prioritises his needs during the times of financial recession as a way of eradicating unnecessary expenditure, so that he can eventually keep afloat. This is to say that the global financial recession of 2007-2010 affected the tourism industry in sundry ways that can be seen in the discussion that ensues forthwith. Part 1: Purpose of the Research The research topic of this research is determining the different ways in which the global financial recession of 2007-2010 affected the tourism industry. This is not to mean that the essence of the research is mainly limited to the chronological time frame of 2007-2010. On the contrary, by looking at the effects of the 2007-2010 global financial recession, one can determine the manner in which the variable which is economic recession can affect tourism and recreational industry. The im port of this above is that the main objective of this study is to determine the manner in which the global financial recession of 2007-2010 affected the tourism industry, so as to bring about a myriad of corrective measures and policies that can keep tourism afloat, even in the face of serious financial challenges. In turn, the need to keep tourism vibrant perennially is underscored by the socio-cultural, economic and political values that it (tourism) endows a nation with. No sooner than an economy downplay the importance of tourism than for its foreign policy begin to lose effectiveness and efficiency. The setting of this research undertaking comes against the backdrop of 2 years that succeed the 2007-2010 global financial recession. The 2 years which succeed 2007-2010 the global financial recession are significant in this research, given that it allows for adequate observations and rumination over the dynamics that the 2007-2010 global financial recession may have acted upon the tourism industry. This ensures that information that shall have been gathered on this matter will be as comprehensive as is needed in scholarly discourse. The need for a comprehensive discourse is underscored by the dictates of objectivity in academics. It is only by being objective that one will be able to see the relevance of 2007-2010 global