Argentina faces slump in tourism due to financial turmoil

 Friday, June 22, 2018 


argentinaAfter the peso crashed in May the outbound travel bookings has undergone a major slump due to Argentina’s financial turmoil according to a report by the ForwardKeys.


Travel to and from the country is massively impacted and the president Macri asked the IMF for a  bailout.



It was revealed that travel from Argentina to other Latin American countries ( largest contributors of Argentina’s outbound travel accounting 43 percent) went down year-on-year by 26.1 percent.


The total  international outbound bookings saw an increase of 8.4 percent between January and April and were currently down by 20.4 percent.



The US and Canada were the hardest hits, going down by 18.2 percent and the Caribbean was 36.8 percent, till April all had shown an increase.



The largest falls in flight bookings from Argentina year-on-year  was 50.6 percent  in Chile.Brazil, Paraguay, Uruguay and Chile, followed by Bolivia, Peru, Cuba and Colombia are the countries majorly affected by the Argentina’s travel collapse.



An inbound decline has also marred Argentina as the Latin American travellers are nervous about its current economic difficulties. The country will keep on struggling to find economic solutions  in  the future.



As compared to May last year the bookings in May this year was 14 percent down, the bookings for arrivals  between the period of June to August was lagging behind by 4.9 percent as compared to last year.



ForwardKeys revealed that the bookings from Brazil lagged by nine percent.



ForwardKeys chief executive and co-founder, Olivier Jager who was in Buenos Aires two months ago said that everything was buzzing but suddenly Argentina saw a decline, for the first four months the growth in both inbound and outbound travel was good. May saw a major changes.



It is normally noted that after a fall in country’s currency a surge in bookings should occur. The destination provides better value for international visitors.



But due to economic and political crisis a severe decline was seen putting off the visitors  for a short duration and the chances of rebound was less.

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