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Free Example of Economic Meltdown Essay

The world is currently nursing the adverse effects of an economic meltdown. In the year 2007, there was an oversight in the banking system of the United States. This gave rise to liquidity issues associated with the dollar, the world’s most popular currency. This crisis has resulted in the collapse of financial institutions and businesses, widespread unemployment, evictions, and foreclosures of houses. This crisis has crippled development in most countries; Analysts term it as the greatest financial crisis since the great depression of the 1930s. 

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The global economic meltdown has adversely affected tourism globally. Statistics show that tourist numbers have dropped greatly. This has left the stakeholders recording losses. An in-depth study on how Vancouver’s tourism has been affected will mirror the global situation.

Background of Vancouver. Vancouver is a coastal city located in the British Columbia province of Canada. It is the largest metropolitan city west of Toronto. Vancouver boasts of a magnificent landscape of the ocean and coastal mountains.

Tourism in Vancouver is organized into tours visiting popular sites and parks, harbor cruises, 5-star hotels, museums, and art galleries as well as a rich sports culture. Most tourists visit Vancouver due to its beautiful scenery. Vancouver boasts of Stanley Park, Grouse Mountain, and Central Park which are all termed as places that are environmentally rich in tranquility.

Vancouver is home to spectacular tourist attractions such as;

  • Grouse mountain
  • Capilano suspension bridge
  • Vancouver aquarium
  • Stanley park
  • Central park
  • Deer lake park
  • Richmond Nature park
  • Burnaby village museum
  • Harbor cruises                            

Vancouver also has a rich sports culture. It has a very successful ice hockey team know as the Vancouver Canucks who play in the National Hockey League and have won the Stanley cup twice. There is also the Canadian football team referred to as BC Lions who play in the Canadian football league and have won the Grey cup five times. Lacrosse and skiing are also popular sports with the locals (McBeath .C. 2008). Vancouver is currently to host the 2010 Winter Games; this can be used as a strong indicator of how highly sports are valued.

Vancouver also plays host to numerous hotels and restaurants that serve fine cuisines and wine. It is quoted that “Spectacular as the scenery is one could easily come here for the food and wine” wine spectator. Vancouver hosts the Vancouver film festival that annually showcases nominated films. These facilities reinforce Vancouver’s viability as a world-class tourist destination.

Vancouver enjoys numerous foreign tourists as well as an active domestic tourism base, who like to enjoy the attractions, tours, entertainment available. Statistics show that since the onset of the economic meltdown in the United States in 2007 foreign as well as domestic tourism has dropped considerably.

Disposable income

The global meltdown we are currently nursing has reduced the disposable income of people the world over. Reducing disposable income makes people reconsider spending on nonessential goods and services such as going on tours. In the United States, the economic crunch resulted in a new culture of savings. People are uncertain when the crisis will end, and they are uncertain whether they will still maintain their jobs in the near future so they save what they can, for the proverbial ‘rainy day’ when they will need the funds.

Vancouver’s bulk of international tourists come from the United States, the economic turmoil across the border and their new savings culture have resulted in international tourism flopping.

Country of origin



Spending( C $ millions)

United States




United Kingdom








Table one adopted from Statistics Canada shows foreign tourism in the year 2005.

Country of origin



Spending(C$ millions)

United States




United Kingdom








Table two adopted from Statistics Canada shows foreign tourism in the year 2008.

Comparing the two tables it is clear that international tourism was better in the year 2005 before the onset of the economic recession.

Canada’s economy has also suffered, Canadian citizens have also experienced a reduction in their disposable income due to the current inflation, and this has resulted in reduced domestic tourism. Since late 2007 domestic tourism downward spiraled. However, 2010 has been a good year and domestic tourism has risen by 1.5%.A good indicator of the revival of the global economy.

Code: writers15

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