¶ … Tourism
Handbook Coverage of Foreign Investment in Tourism
The Sage Handbook of Tourism Studies offers a fantastic overview of the issue of tourism and tourism studies but as has been pointed out is developed from the perspective that the world was not necessarily about to experience an extreme global recession. For instance in the timeline associated with tourism development internationally the work provides the last section of the timeline to include the 1990s and 2000-and beyond (Jamal & Robinson 2009, p. 153). What this offers the reader is the sense that the climate for foreign investment and especially investment in developing nations will remain static as the research and development of national tourism sites will continue to be an issue of economic advantage for both the investor and the nation of focus. Though the work does also challenge the issue of investment oversees in developing nations as something that can and does challenge the developing nation and even arguably make it more dependent on both foreign investment and possibly even the colonial powers in postcolonial nations, lacking the infrastructure of technology to maintain such tourism (2009, pp. 166, 191) and in developed nations the economic and political challenges of investment are also briefly discussed (2009, p. 123). The work does not however plainly discuss the issue of economic challenges to new and existing foreign tourism investment, as the issues noted above would clearly be multiplied in the climate of the current global recession. Investors and investment sites, especially in those places where infrastructure needs high levels of investment as well will be challenged to continue to receive foreign investment dollars as investors exhibit necessary fear and conservatism with regard to any investment and seek those with the lowest perceived risk.
Changes in Foreign Investment in the Wake of Global Recession
All of the above issues are paramount, as are several others with regard to foreign investment in tourism during a massive international recession as investors and nations alike are often channeling funding to areas of greater importance, i.e. maintaining existing infrastructure and conservative investment strategies that offer only limited risk. For example during economic downturns a great many people turn within, staying closer to home, to satisfy their travel desires and spend less money while doing it. The effect this has on tourism is substantial as a greater number of destinations must actively advertise and cut deals to maintain numbers, while simultaneously using fewer funds to build and/or maintain services. In the years following the research base for the work including 2008-2011 even relatively stable nations like Greece and Italy have very obviously began to show fearful economic destabilization, making even traditional "safe" investment bets something of the past (Executive Summary, 2011, pp.9-10). With this change investment in nations where infrastructure including; technology, transportation, and logistics will become even more challenging and risky to the investor. Finally investment or reinvestment in "safer" locations will clearly be dependent on national and international economic recovery (2009, p. 166). Additionally those investments in locations that have a higher perceived risk will likely remain on the backburner for quite a while after recovery begins, partly because investment opportunities in lower risk locations will likely increase as those investment players challenged by the downturn in the economy will have vacated promising investment opportunities during the downturn leaving the climate ripe for new investment takeovers in locations with proven destination track records for positive returns in the past (Rogers, 2011)("A Private Sector-Driven"2011, p. 1-7) (Bahar, & Kozak 2007) (Patsouratis, Frangouli, & Anastasopoulos 2005).
Changes in Foreign Investment regarding Education and Trainign in Tourism in the Wake of the Recession
The future of education and training in tourism is also one that has been demonstratively challenged by the global economic recession as to many this is also an aspect of the infrastructure discussed earlier. Though a positive turn in the situation may include the tendency during tough economic times for the tourism industry and especially the hospitality industry to retain workers for longer periods, i.e. when there are fewer opportunities for employees to seek other employment they are more likely to keep what they have (Jamal & Robinson 2009, p. 19). This could also create a decreased immediate need for training, though there are also trends that say that training and investment in it will increase as individual cites stress quality and value to retain a customer base and remain a highly desired location, or become a highly desired location (Bahar, & Kozak 2007) (Devaney 2011). In general the investment in education increases during times of economic downturn as many...
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