The technical director of the public-private Fundació Impulsa for Balearic competitiveness, economist Antoni Riera, believes that the collapse of Silicon Valley Bank and Signature Bank jeopardises forecasts for economic recovery. Indications were that the risk of recession had receded, but there is now renewed and high uncertainty with the potential for a direct impact on the Balearic economy.
Majorca tourism
Tourism season facing new uncertainty from the banking crisis
There has been talk of a record tourism season this year
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Ut's either a bit early or a bit late to be predicting doom for tourism. A bit early because normally it's end of summer that the doom predictions are published, as winter bookings drop off in comparison to summer bookings. A bit late because the spring and summer are already pretty well booked, and that doesn't include the last minute bookings that keep coming in. In any case, if there's another crash like 2008, tourism will be the last thing we need to worry about.