Economics of Tourism

This article is about the importance of increasing flow of tourists and its positive impact on the economy of the region as a whole. Today the sphere of tourism in our country is considered as one of the most important sectors of the economy and a significant factor in the development of regions. Solution of many problems in the regions, such as increase of labor employment, attraction of investments, improvement of ecological situation and others are connected with effective functioning of tourism sphere. Domestic and inbound tourism in the process of progress has a positive impact on the formation of the gross domestic product, thus ensuring an improvement in the quality and standard of living of the population. Thus, due to the growth of tourism activities and other service areas, it is possible to solve problems related not only to the improvement of economic indicators, but also to social, environmental and many others. It will be possible to talk about stable development of tourism in the region only when all conditions are fulfilled and companies start working as a whole. In case of deficiencies in one of the spheres, despite the coherence of work, tourism development will fall behind the predicted results. In such a situation the positive dynamics will be temporary. Thus, the main task is to create a single mechanism for all companies connected with this industry.

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Tourism Risk Audit Under the Covid-19 Impact

Nazarova

Nezhyva

Moyseyenko³

et al. 2022

ФКДПТП

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The aim of the article is to investigate main changing trends of tourism industry development in Ukraine under the impact of COVID crisis, to identify risks that tourism business faced during the crisis and proposed the main vectors of such risk management via the audit procedures implementation to minimize the negative impact on tourism business and country economy in general. The article investigates the main trends and performance of tourism industry development in Ukraine under the impact of COVID crisis. There were analyzed risks tourism business faced during the crisis and proposed the main vectors of such risk management via audit procedures implementation to minimize the impact on tourism business. Business strategy development of tourism under crisis impact requires balanced system of measures to overcome the crisis and become more strange by the help of quality business KPIs analysis and performing stable and permanent business goal updating by the help of audit risk management. There were proposed recommendation how to deal with the crisis business risk implementing audit risk assessment approach for domestic Ukrainian tourism business as well as tourism business in general. During the crisis companies should switch focus on domestic tourism, as foreign visitors stay away due to COVID-19; inbound arrivals decline by 44% to 7.5 million in 2020, while outbound departures decline by 48% to 10 million; recovery will be driven by domestic tourism in the shorter term; inbound arrivals to record a 16% volume CAGR over the forecast period, while outbound departures will record a 19% CAGR. To identify and manage crisis business crisis companies should focus on internal audit as instrument to minimization business losses. It should cover issues of identifying such risks, assessment it in order to estimate business result in case in nearest future company will faced crisis and give recommendation and procedures that should be focused on minimization tourism industry losses as a vital segment of country economy.

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Economics of Tourism

Cited by 3 publications

References 2 publications

Creating Knowledge Model for Handicrafts Promotion in Chiang Mai by Using Semantic Annotation

Creating Knowledge Model for Handicrafts Promotion in Chiang Mai by Using Semantic Annotation

Regional Tourism Development Efficiency

Tourism Risk Audit Under the Covid-19 Impact

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