Impact of an economic crisis - Evidence from Turkey

This paper evaluates the impact of the 2001 economic crisis on the tourism industry in Turkey. The research findings reveal that neither the government nor private organizations had any plans for dealing with the crisis before or after the event. It had both negative and positive impacts although its benefits were often overlooked. The overall implication of the study is that national culture, the level of economic development of a country, the availability of financial resources, and the ability and knowledge of its government officials and managers of private firms have a direct impact on how such an event is responded to and managed. Keywords: economic, crisis, government, hotels, Turkey. This paper evaluates the impact of the 2001 economic crisis on the tourism industry in Turkey. The research findings reveal that neither the government nor private organizations had any plans for dealing with the crisis before or after the event. It had both negative and positive impacts although its benefits were often overlooked. The overall implication of the study is that national culture, the level of economic development of a country, the availability of financial resources, and the ability and knowledge of its government officials and managers of private firms have a direct impact on how such an event is responded to and managed.