Nov 06. With interest rates in the U.S. continuing to climb and the impact of inflation hitting wallets far and wide, there’s been a great deal of chatter about the potential for a global recession.
Some of the world’s leading economic organizations have said the economy is weakening. The Conference Board, a global non-profit think tank, recently projected that the US and Europe in particular may experience a recession in the near term, while China may see “significantly weaker growth in 2023.”
The question then is how a downturn might impact the travel industry—which has been busy roaring back to life. What would the ramifications be for the hotel industry, airlines, tour operators, and destinations? Not to mention travelers themselves and their plans.
The answer to these questions varies depending on who you speak with. But the good news overall is that the industry appears well-poised thus far to navigate what may be some uncertain months ahead—and travelers remain eager to continue globetrotting come what may.
Source: Travel Pulse