Tourism, Spending Likely to See Biggest Economic Impact of Paris Attacks(Don't buy airline stocks)

fox news ^ | 11/16/15 | v craig

[bestintxas]

The human impact from Friday’s terrorist attacks in Paris is immeasurable. As the world mourns the loss of life and the threat of terrorism, analysts say there’s no doubt fear will ricochet through the global economy. But they have varying opinions about the degree to which it will likely be felt not just in France, but as far away as the United States.

France’s tourism industry is likely to take the biggest immediate punch from Friday’s gruesome events. According to 2014 data from the International Monetary Fund, France is the world’s sixth-largest economy – the second-biggest in the eurozone, and figures from the Paris Convention and Visitors Bureau show the tourism industry makes up nearly 7.4% of the country’s gross domestic product. Adding to that, the French Ministry of Foreign Affairs and International Development estimates the nation welcomed 84.7 million foreign tourists in 2013, and saw benefits from tourism-related revenue totaling 42 billion euros.

While the sparkling lights of the Eiffel Tower and the history behind the Louvre and Arc de Triomphe beckon tourists from all corners of the world, Charles Lichfield, Eurasia Group analyst, said recent events will likely force would-be visitors to think twice before booking a trip – especially in light of the Charlie Hebdo attack in January, and Friday’s widespread massacre.

“Two attacks in one year, especially the second [on Friday], targeting people enjoying a night out, reaches a weariness threshold, and it will affect tourism,” he

[bestintxas]

would you send your college age kid on a holiday to Paris?

I believe all of Europe will take a huge hit as a result of this.

[Steely Tom]

Lockheed-Martin up about 3% today.

[livius]

I don’t know. I’d go, but just be a little more aware. I was in Madrid last week and I went to the opera...and for the first time ever, I saw machinegun toting police outside of each door, because it was a crowd venue and they had received and acted on a warning about attacks. The Spanish had arrested a set of Moroccans intent on stabbing people in the streets of Madrid about a week before I got there, and while I was there, I saw arrests everywhere, ever in the quiet neighborhood where I usually stay.

Since 3/11 (Madrid train bombings) the Spanish have gotten much better on this stuff, and I think France may have had its wake up moment. I think the only problem will be cumbersome security procedures, but otherwise, you’ll probably be as safe in Europe as anywhere.

[hal ogen]

Maybe Syria will be the newest tourist destination? Most of their young men are roaming the world looking for infidels to murder or rape or assault. Maybe it is only elderly, war-shocked, women and children who remain in Syria.