Consequences of global financial crisis for tourism industry in Montenegro and Serbia: A comparative analysis
Date
2013
Authors
Obradović, Saša
Leković, Miljan
Pantić, Nemanja
Journal Title
Journal ISSN
Volume Title
Publisher
National Academy of Management Vul
Abstract
This paper analyzes the impact of global financial crisis on tourism in two neighbouring countries - Montenegro and Serbia. The situation in the insufficiently developed Serbian tourism industry has been additionally worsened due to the crisis, while the precrisis dynamic growth of Montenegrin tourism has been significantly slowed down by the crisis. Both countries have suffered a decline of the foreign exchange earnings from tourism in the time of crisis, but Montenegrin tourism industry has proven to be much more resilient to the crisis shocks.
Description
Keywords
Foreign exchange earnings from tourism, Global financial crisis, Montenegro, Serbia; Tourism industry; Tourism turnover