The Impact of Tourism on the Economic Development of the Western Balkan Countries and Their Neighboring Countries of the European Union
The Impact of Tourism on the Economic Development of the Western Balkan Countries and Their Neighboring Countries of the European Union

Author(s): Srdjan Milićević, Aleksandar V. Kostić
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Tourism; WB countries; COVID-19 pandemic
Summary/Abstract: This chapter examines the development of tourism and its economic significance in a sample of five Western Balkan (WB) countries and five neighboring European Union (EU) countries over the period of 2010–2020. Through an advanced comparative statistical analysis of trends in the tourism industry within these two groups, the research identifies a significant driving influence of tourism on economic development for both regions. The findings indicate that the impact of tourism on economic growth is more pronounced in the WB countries, particularly those with a lower per capita gross domestic product. The analysis also highlights the severe impact of the global COVID-19 pandemic in 2020, which led to a marked decline in all key tourism development parameters.

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