Egyptian tourism bounces back

October 2003
Middle East;Oct2003, Issue 338, p51
The shock waves that followed September 11, 2001 terrorist attacks spread far beyond Ground Zero in New York to change political, economic and social lives across the face of the globe. The fact that these attacks on the Twin Towers of the World Trade Centre in Ground Zero and the Pentagon in Washington were launched via commercial aircraft did nothing to help fortunes of the world aviation industry, already under considerable economic pressure. In the wake of these terrorist attacks, economists at Egypt's Institute of National Planning (INP) released a report, "The Consequences of the 11 September Terrorist Attacks Against America on the Egyptian Economy," which painted a gloomy picture. One of the hardest hit economic sectors, the report predicted, would be tourism, which accounts for almost a quarter of Egypt's foreign exchange receipts. While tourism receipts had declined overall by around $900m during the 12 month period between September 2001 to September 2002, latter months had recorded an upturn. During August 2002 tourist traffic into Egypt was up 15%, compared with 2001. The major reason behind this is that Egypt successfully managed to attract a greater number of Arab tourists, who had been scared off destinations in Europe and the United States.


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