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Since July 2008, critical incidents such as soaring oil prices, a dramatic decline in automobile sales in the US and the sub-prime mortgage crisis have had far-reaching consequences resulting in a collapse of financial institutions, a sharp drop in stocks worldwide, and job lay-offs across the industrial sector. The world economy is moving into recession. |
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The economic slowdown is also affecting the MICE industry. While meeting planners, organizers and venue owners remain generally optimistic about the industry, they realise that the stuttering world economy will have a negative effect on their business, particularly with cost/budget reductions for 2009.
This was the general opinion of world business travel leaders surveyed during the Global Meetings & Incentives Exhibition (EIBTM) in Barcelona, Spain from 2-4 December 2008.
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