PERFORMANCE CHANGES OF THE TOURISM SECTOR IN THE CRISES
Grozdana Marinković - Belgrade Banking Academy, Faculty for Banking, Insurance and Finance, Zmaj Jovina 12, Belgrade, Serbia
Slavica Stevanović - Institute of Economic Sciences, Zmaj Jovina 12, Belgrade, Serbia
DOI: https://doi.org/10.31410/tmt.2020.425
5th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2020, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-42-4; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
Abstract: Tourism represents a driver of economic growth and job creation all around the world. It has become one of the key factors of progress, not only of the individual destinations and regions but also the world economy. The paper aims to analyze the effects of different types of the crisis on the volume of tourism activities, tourism turnover, and revenues in the tourism sector. Despite occasional crisis situations and shocks, tourism has seen continued expansion and has shown great resilience. Having in mind that the COVID-19 pandemic has a major impact across world regions, as well as tourism is one the hardest-hit sectors, a special part of the paper analyzes the impact of the health crisis in Serbia and the global level. The intensive and deep impact of the pandemic on the tourism sector requires strong support at the national and global levels through the relevant institutions.
Keywords: Tourism sector, Crisis, COVID-19, Global level, Serbia, Supporting measures.
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and Finance
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Marjanović & P. Mitić (Eds.), Black Swan in the World Economy 2020 (pp. 91-105). Belgrade:
Institute of Economic Sciences.
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18, 51-63
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početka ekonomske krize. In J. Minović, D. Bodroža, I. Stošić, B. Drašković (Eds.) Thematic
Monograph: Pravci strukturnih promena u procesu pristupanja Evropskoj uniji (pp. 375-392).
Belgrade: Institute of Economic Sciences.
Stevanović, S. (2015). Finansijsko strukturne promene privrede Srbije i zaštita poverilaca u periodu
finansijske krize. In I. Stošić, M. Malović & D. Filimonović (Eds.), Thematic Monograph:
Strukturne promene u Srbiji – dosadašnji rezultati i perspective (pp. 347-361). Belgrade: Institute
of Economic Sciences.
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propisi/zakon_o_turizmu.html
Vukelić, G., Stevanović, S., & Belopavlović, G. (2014). Analiza finansijske sigurnosti preduzeća u restrukturiranju–
prerađivačka industrija. In B. Drašković (Ed.), Thematic Monograph: Deindustrijalizacija
u Srbiji: mogućnost revitalizacije industrijskog sektora (pp. 673-689). Belgrade:
Institute of Economic Sciences.
World Tourism Organization – UNWTO (2010). UNWTO Tourism Highlights, available on: https://
www.e-unwto.org/doi/pdf/10.18111/9789284413720
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Keywords: Tourism sector, Crisis, COVID-19, Global level, Serbia, Supporting measures.
REFERENCES
Baranenko, E. & Stevanović, S. (2013). Strategies for enhancing competitiveness of the economy as a
way to ensure faster recovery from the crisis: the experience of the EU and Serbia. In H. Hanić,
M. Özer, Z. Grubišić, I. Domazet (Eds.), Thematic Monograph: Post-crisis recovery (pp. 420-
433). Belgrade: Belgrade Banking Academy.
Development Fund Republic of Serbia (2020). COVID 19 krediti za likvidnost, available on: https://
fondzarazvoj.gov.rs/lat/proizvodi/likvidnost-covid19
EBRD – The European Bank for Reconstruction and Development (2020) The economics of the coronavirus
pandemic, available on: https://www.ebrd.com/what-we-do/coronavirus/economics
Ivanović, O. M., Đeri, L., Stamenković, P., & Ilić, A. (2020). The Necessity of Using Social Networks
in Contemporary Tourism Industry and the Tourist Organization of Serbia. Economic Analysis,
53(1), 94-104.
Marinković, G. (2018). The quality of financial reporting as a precondition for development global
tourist industry. In V. Bevanda & S. Štetić (Eds.), 3rd International Thematic Monograph:
Modern Management Tools and Economy of Tourism Sector in Present Era (pp. 383-392). Belgrade:
Association of Economists and Managers of the Balkans with Faculty of Tourism and
Hospitality, Ohrid, North Macedonia https://doi.org/10.31410/tmt.2018.383
Marinković, G. (2019). Konvergencija finansijskog izveštavanja u globalnom okruženju. National
Monograph (pp. 1-146). Belgrade: Belgrade Banking Academy – Faculty for Banking, Insurance
and Finance
Marjanović, D. & Đukić, M. (2020). Ekonomske mere za ublažavanje posledica COVID-19. In D.
Marjanović & P. Mitić (Eds.), Black Swan in the World Economy 2020 (pp. 91-105). Belgrade:
Institute of Economic Sciences.
Milićević, S. & Ervaćanin, V. (2016). Uticaj kriza na razvoj turizma u svetu. Turističko poslovanje,
18, 51-63
Ministry of Trade, Tourism and Telecommunications (2020). Business entities in the hotel industry
in Serbia that are subsidised, https://www.trezor.gov.rs/sr/news/2020_10_09/
Ministry of Trade, Tourism and Telecommunications, Republic of Serbia (2016). Strategy of the
tourism development of Republic of Serbia for period 2016-2025, available on: https://mtt.gov.
rs/download/3/TOURISM%20DEVELOPMENT%20STRATEGY%20OF%20RS%202016-
2025.pdf
OECD – The Organisation for Economic Co-operation and Development (2020) Tourism Policy
Responses to the coronavirus (COVID-19), available on: https://www.oecd.org/coronavirus/
policy-responses/tourism-policy-responses-to-the-coronavirus-covid-19-6466aa20/
Pavlović, D., Bodroža, D. & Vukmirović, V. (2020). The Economic Impact of the COVID‐19 on the
Serbia’s Labor Market: Statistics and Facts. Economic Analysis: Applied Research in Emerging
Markets, 53(1), 1-13.
Popesku, J. (2016). Menadžment turističke destinacije, Belgrade: Singidunum University
Regulation on Sector Classification – Uredba o klasifikaciji delatnosti, Službeni glasnik Republike
Srbije, 54/2010
Regulation on the Offer of a Replacement Trip for a Tourist Trip Cancelled or Not Realized Due to
COVID-19 Disease Caused by the SARS-CoV-2 virus – Uredba o ponudi zamenskog putovanja
za turističko putovanje koje je otkazano ili nije realizovano usled bolesti COVID-19 izazvane
virusom SARS-CoV-2, Službeni glasnik Republike Srbije, 63/2020
Serbian Business Registers Agency (2016). Financial Statements Annual Bulletin 2015, available on:
https://www.apr.gov.rs/upload/Portals/0/GFI%202015/Bilten%202016.pdf
Serbian Business Registers Agency (2017). Financial Statements Annual Bulletin 2016, available on:
https://www.apr.gov.rs/upload/Portals/0/GFI%202015/Bilten%202017.pdf
Serbian Business Registers Agency (2018). Financial Statements Annual Bulletin 2017, available on:
https://www.apr.gov.rs/upload/Portals/0/GFI%202018/Bilten2017.pdf
Serbian Business Registers Agency (2019). Financial Statements Annual Bulletin 2018, available on:
https://www.apr.gov.rs/upload/documents/Bilten%202019.pdf
Serbian Business Registers Agency (2020). Financial Statements Annual Bulletin 2019, available on:
https://www.apr.gov.rs/upload/Portals/0/GFI_2020/Bilten/Bilten2020.pdf
Statistical Offices of the Republic of Serbia (2011). Statistical Yearbook of Serbia, available on:
https://publikacije.stat.gov.rs/G2011/Pdf/G20112004.pdf
Statistical Offices of the Republic of Serbia (2020a). Statistical Yearbook of Serbia, available on:
https://publikacije.stat.gov.rs/G2020/PdfE/G20202053.pdf
Statistical Offices of the Republic of Serbia (2020b). Monthly Statistical Bulletin – 08/2020, available
on: https://publikacije.stat.gov.rs/G2020/Pdf/G20203011.pdf
Statistical Offices of the Republic of Serbia (2020c). Tourist turnover – September 2020, available on:
https://publikacije.stat.gov.rs/G2020/Pdf/G20201290.pdf
Statistical Offices of the Republic of Serbia (2020d). Tourist turnover – August 2020, available on
https://publikacije.stat.gov.rs/G2020/PdfE/G20201264.pdf
Stevanović, S. & Jovičić, E. (2016). Promene korporativnog institucionalnog okruženja u Srbiji od
početka ekonomske krize. In J. Minović, D. Bodroža, I. Stošić, B. Drašković (Eds.) Thematic
Monograph: Pravci strukturnih promena u procesu pristupanja Evropskoj uniji (pp. 375-392).
Belgrade: Institute of Economic Sciences.
Stevanović, S. (2015). Finansijsko strukturne promene privrede Srbije i zaštita poverilaca u periodu
finansijske krize. In I. Stošić, M. Malović & D. Filimonović (Eds.), Thematic Monograph:
Strukturne promene u Srbiji – dosadašnji rezultati i perspective (pp. 347-361). Belgrade: Institute
of Economic Sciences.
Tourism Law, Službeni glasnik Republike Srbije br. 17/2019, available on: https://www.paragraf.rs/
propisi/zakon_o_turizmu.html
Vukelić, G., Stevanović, S., & Belopavlović, G. (2014). Analiza finansijske sigurnosti preduzeća u restrukturiranju–
prerađivačka industrija. In B. Drašković (Ed.), Thematic Monograph: Deindustrijalizacija
u Srbiji: mogućnost revitalizacije industrijskog sektora (pp. 673-689). Belgrade:
Institute of Economic Sciences.
World Tourism Organization – UNWTO (2010). UNWTO Tourism Highlights, available on: https://
www.e-unwto.org/doi/pdf/10.18111/9789284413720
World Tourism Organization – UNWTO (2011). UNWTO Tourism Highlights, available on: https://
www.e-unwto.org/doi/pdf/10.18111/9789284413935
World Tourism Organization – UNWTO (2012). UNWTO Tourism Highlights, available on: https://
www.e-unwto.org/doi/pdf/10.18111/9789284414666
World Tourism Organization – UNWTO (2016). UNWTO Tourism Highlights, available on: https://
www.e-unwto.org/doi/pdf/10.18111/9789284418145
World Tourism Organization – UNWTO (2019). International Tourism Highlights, available on:
https://www.e-unwto.org/doi/pdf/10.18111/9789284421152
World Tourism Organization (2020b). How are countries supporting tourism recovery?, available on:
https://www.e-unwto.org/doi/epdf/10.18111/9789284421893
World Tourism Organization –UNWTO (2020a). World Tourism Barometer, Volume 18, available
on: https://www.e-unwto.org/doi/epdf/10.18111/wtobarometereng.2020.18.1.6
World Travel & Tourism Council – WTTC (2019). Global Economic Impact & Trends 2019, available
on: https://wttc.org/Research/Economic-Impact
World Travel & Tourism Council – WTTC (2020a). Global Economic Impact & Trends 2020, available
on: https://wttc.org/Research/Economic-Impact
World Travel & Tourism Council – WTTC (2020b). Serbia – 2020 Annual Research: Key Highlights,
available on: https://wttc.org/Research/Economic-Impact
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