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Mall attack to cost Kenya $200 million in tourism

NAIROBI, Kenya – Experts predict that the terrorist attack on a Nairobi mall will cost Kenya’s economy $200 to $250 million in lost tourism revenue.

Moody’s Investors Service and the World Travel and Tourism Council said the Islamic extremist assault which killed at least 67 people will slow growth of Kenya’s GDP by 0.5 percent. Tourism generates 14 percent of Kenya’s GDP and employs 12 percent of its workforce.

According to the council, tourism is Kenya’s largest earner of foreign exchange after tea and coffee exports, generating $4.7 billion in 2011.

Kenya is Africa’s fifth largest tourist destination, welcoming approximately 1.8 million visitors each year.

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