Credit Crunch Will Not Effect Mexican Holidays

Problems in the world's financial markets will not have an effect on the number of Holidaymakers Travelling to Mexico, one expert has said this week.

The World Travel and Tourism Council (WTTC) claims that US tourists will most-likely travel to destinations closer to home as a result of the credit crunch, which could benefit the South American nation.

Louise Oram, communications and PR manager at the WTTC, said: "With a growth rate at 1.1 per cent in 2008, the credit crunch is leading to a marked slowdown in US economic growth.

"There is likely to be a switch from international to domestic travel rather than a contraction in demand for travel and tourism."

According to research carried out by independent consulting firm Oxford Analytica, Mexican tourism is highly dependent on US holidaymakers, as around 96 per cent of international visitors to the country come from North America.

Furthermore, tourism is key to Mexico's economy as it has contributed "significantly" to its employment, foreign direct investment and financial growth over the last three decades.

Travel Industry News posted on 15/05/2008 15:05:39