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Paris attacks likely to bruise tourism

Monday, November 16, 2015 - 01:43

The attacks in Paris on Friday stand to bruise the tourism industry in one of the world's most visited countries. As Sonia Legg reports, it comes at a time of already low economic growth across Europe.

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It's not quite the image you associate with the city of love and one of the world's top tourist destinations. And there are fears Friday's attack in Paris will damage a vital sector of an already weak economy. CCLA's Chief Investment Officer James Bevan. (SOUNDBITE) (English), CCLA, CHIEF INVESTMENT OFFICER, JAMES BEVAN, SAYING: "Around 7.5 percent of France's economy relates directly to tourism revenue and therefore this is absolutely the last thing that the French economy needs and will certainly encourage the European Central Bank to be more stimulative than otherwise might have been the case." More than 83 million tourists visited France last year - with 47 million going to Paris. They brought in 150 billion euros. But three days after the deadly attacks the Eiffel Tower remains closed, so too Disneyland Paris - the first time the theme park has closed in more than a decade. The Louvre Museum was due to reopen - many attractions and businesses are only too aware they can't afford be out of action for too long, whatever the warnings from the government. (SOUNDBITE) (French) FRENCH PRIME MINISTER, MANUEL VALLS, SAYING: "Today, the French are going back to work after these awful days, children are going back to school, life has to go back to normal of course, but....we need to prepare ourselves for further attacks." The luxury sector is likely to be particularly hard hit, according to the MKG Group, as the clientele of Paris's top hotels are generally sensitive to security issues and geopolitics. Rock bands U2 and the Foo Fighters have cancelled planned concerts in the French capital. And Jetair, Sunjet and Thomas Cook airlines are offering to postpone or cancel trips to Paris for Belgian customers with a full refund. There are also reports other tour operators are doing the same.

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Paris attacks likely to bruise tourism

Monday, November 16, 2015 - 01:43