Europe More Tourism‑Dependent Than Dubai

Southern European economies like Montenegro, Albania, Croatia, Greece, Portugal, and Spain rely on tourism receipts for a larger share of exports than Dubai relies on oil. The piece argues this level of dependence is a warning sign, not a strength, because tourism delivers thin margins, little differentiation, and large externalities. It suggests praise for recent Spanish and Greek growth misses underlying fragility. — This stark comparison reframes celebrated European recoveries as riskier mono‑cultures, pushing policymakers toward tradable, productivity‑raising sectors instead of tourist inflows.