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Published on : Wednesday, June 24, 2015
While Greece continues to sink in economic void the tourism industry of the country remains completely detached from its current crisis. The country is enjoying healthy flow in tourism as tourists remain unaffected by the country’s current economic status where hundreds of billions of Euros need to be repayed taken as loan to pay off debts. The country has suffered a complete economic collapse with fear of local banks shutting down due to the lack of funds.
The country has seen a major growth in tourism in 2013 and 2014 according to a report published by the World Travel and Tourism Council (WTTC). Despite Greece plummeting into economic deluge tourism increased in the country. Tourist spending which is desperately needed at this stage is greatly helping the country’s economy to sustain. According to a forecast of WTTC Greece has ranked 33 out of the 184 countries for visitor export growth in 2015.
Many tourists are visiting Greece just to help the country in its crisis. Overall GDP would grow to 3.2 per cent in 2015 for Greece according to WTTC which is of course below the global average growth but still ahead of several competitor destinations around the Mediterranean region. Tourists visiting cities, ports and islands rose by 17.9 million in 2013 and 22 million in 2014 and revenue from tourism grew over 10 per cent which would be nearly $15 million. In 2015 there has been an uptick in reservations in the first five months as compared to the same time in 2014.Even though tour operators feel that Greece bookings are slightly behind the rest of the globe but there is a flow.
Cruise businesses said that cruise lines will continue to stop at Greece ports as planned. But even as the flow of tourists continues to run there may be problems with its infrastructure which may face the risk of coping up with the high demand of tourism. Greece is also nearing the closure of it bailout program just when the peak tourist season is about to start. The country will have to make substantial paybacks to its creditors.