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After more than 18 months battling the financial crisis the industry faces another possible crisis – the outbreak of swine flu.
The flu, which hit Mexico several days ago and has now emerged in several countries across the globe, has already hit the Mexican economy hard and could have a severe impact on the already struggling global economy if it spreads across the globe.
According to Mexico City’s Chamber of Trade, Services and Tourism, cancelled flights and events as well as the closure of a string of public places is costing the city US$57 million (A$80 million) per day – a 36 per cent decline in tourism generated revenue.
Should the flu become a severe pandemic it could cost the world more than US$3 trillion (A$4.2 trillion) and a drop in global economic activity of nearly 5 per cent, a World Bank report published last year on the potential of a flu pandemic estimated.
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