Effect of Global Economic Recession on the UK Hospitality Sector

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Introduction

The global economic recession that began in December 2007 is regarded by many financial analysts as the worst economic calamity since the Global Depression. As such it is also referred to the Great Recession or the Long Recession. In addition, it was stimulated by a shortfall of liquidation in American financial institutions that in turn contributed to the failure of these institutions.  In the United Kingdom, the Hotel Industry is the 5th major industry and is directly paying the salary of more than 2.4 million people and accounting for an additional 1.2 million indirect employment through the industry’s multiplier result on other segments, such as the building industry and food supply (Mladenovi, 2009). The hotel industry is therefore significant because it adds to the expansion of an economy by offering a lot of employment opportunities for the people, funding a huge proportion of a country’s Gross Domestic Product, helping to increase the national income and by producing foreign currencies by the sale of goods and services offered to foreign guests, and as a result improving the balance of payments. Similarly, the hotel industry is a significant sector of the United Kingdom economy (Pizam, 2007).

Effect of Global Economic Recession on the UK Hospitality Sector

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