The Australian economy might not be in the healthiest of states, but other countries are doing it harder. While we’ve had job losses, Government intervention and a dodgy currency, at least we’re not a complete basket case.
But in countries where the economy has truly tanked, there are potential bargains in store for tourists – and now might just be the right time to visit.
Iceland
The most notorious casualty of the lot is Iceland, a nation of around 300,000 people which based its economy almost entirely around regulation-free banking. One by one the freewheeling banks collapsed and had to be nationalised, while the Government went cap in hand to anyone who could lend them a few pennies to stave off bankruptcy.
Before this all kicked off, Iceland was renowned as being the most expensive country in the world – the sort of place where you’d have to sell your first born child for a beer. It’s still comparatively expensive when put up against, say Thailand, but at least visiting is now vaguely affordable.
And, boy, is Iceland worth visiting – it’s like nowhere else on earth. Highlights include glacier walks, Viking history, the world’s first parliament and the original geyser.
It’s the volcanic landscape and thermal pools that truly wow, however.
Antigua
A series of setbacks – including a couple of high-profile murders and wild spending on a cricket stadium that isn’t fit for playing cricket – have been topped off by the Stanford affair.
Texan billionaire Sir Allen Stanford has recently been charged with “massive ongoing fraud” in the US, but the problem for Antigua is that his business empire is based there. He is thought to be the biggest employer on the island, meaning extensive job losses. He also sponsors the prestigious Antigua Sailing Week regatta and the inter-Caribbean Twenty20 cricket tournament held at his giant entertainment complex near the airport.
Things are still expensive right now – Antigua shares the East Caribbean dollar with other islands and it is tied to the US dollar – but this may change. Hotels are already slashing prices due to a downturn in visitors, and more price drops are almost certainly on the way – Antigua is reliant on tourism, and if it doesn’t get the numbers in, the island could be in even more trouble.
Still, those that do visit will get one of the world’s greatest beach destinations – the island boasts that it has a different beach for every day of the year.
Ukraine
There are very few currencies that the Aussie dollar has gone up against recently, but the Ukrainian hyrvnia has absolutely plummeted. Since the beginning of November, the dollar has gone up against it by 45%.
And given that it’s a relatively cheap country in the first place, that means bargains ahoy for tourists. Ukraine is arguably Europe’s best kept secret. The capital, Kiev, is an absolutely stunning place, and the change in attitude you’ll encounter as you travel from the west to the east of the country is a real eye-opener.
The only slight snag is that Ukraine has an ongoing dispute with Russia about the supply of gas. There’s a danger that a holiday could coincide with a long blackout if the Ukrainians don’t pay up and the Russians switch the taps off.
The UK
A recent International Monetary Fund report suggested that the UK was likely to feel the hit harder than any other major economy. The Government has taken drastic stimulus measures that are yet to show any sign of working, whilst a string of high street chains have gone under and unemployment figures are ballooning.
The days of three dollars – or even two dollars fifty – to the pound are long gone, meaning that Australians now have plenty of spending power in the once extortionate UK.
Accommodation and meal prices are coming down too, as hoteliers and restaurateurs realise that British people travelling in their own country can’t afford the ridiculous prices they once got away with. Which, all up, is exceptionally good news for the overseas visitor too.
New Zealand
OK, so the Kiwis aren’t exactly staring doom in the face, but their currency is one of the few that has fared worse than the Aussie dollar. Visit now, and you’ll get 10% more for your buck than you did this time last year.
Hungary
Most people know that the euro is currently extremely strong and that travelling within the eurozone countries is almost prohibitively expensive at the moment. The trap to fall into is thinking that it’s just the countries with the euro that have got more expensive. This is not the case – the Aussie dollar has dropped against all manner of other European currencies too. For example, the Czech Republic, Switzerland, Bulgaria and Croatia are considerably more expensive than they were last year.
Hungary is an exception – its economy is in dire straits, and the forint has stayed roughly the same against the dollar. It has always been a surprisingly cheap destination – particularly outside of Budapest – but now is a great time to prioritise a Hungarian wine-and-lakes trip over other nearby countries.
This article was originally written for Ninemsn.
Copyright David Whitley
