THE ROLE OF ECONOMIC POLICY IN THE DEVELOPMENT OF SUSTAINABLE TOURISM IN SERBIA

Eighth International Scientific Conference Contemporary Issues in Economics, Business and Management [EBM 2024], [pp. 219-230]

AUTHOR(S) / AUTOR(I): Aleksandra Ranković , Nikola Bošković , Srđan Furtula , Miloš Dimitrijević

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DOI: 10.46793/EBM24.219R

ABSTRACT / SAŽETAK:

The economic development of countries should be based on the concept of sustainability to establish a connection between economic and ecological benefits. Tourism presents a potential for the economic development of Serbia. The development of tourism should not compromise ecological, social, and cultural goals, but rather support their achievement in a balanced and sustainable manner. Such tourism development would be possible if it is based on the concept of sustainable development. In the process of developing sustainable tourism, state support through appropriate economic policy plays a significant role. Accordingly, the subject of this research is the role of tourism policy, fiscal and monetary policy in promoting the development of sustainable tourism in Serbia, aiming to determine the possibility of developing sustainable tourism with the support of economic policy. Additionally, the research aims to identify a more effective economic policy, or one that has a greater impact on the development of sustainable tourism in Serbia. The study of the impact of economic policy on the development of sustainable tourism in Serbia was conducted by forming a multiple regression model. The results indicate that tourism, fiscal, and monetary policies have a statistically significant impact on the development of sustainable tourism, following the indicators of sustainable development. Tourism and fiscal policies have a more direct impact on sustainable tourism indicators, which is why their effects are greater than those of monetary policy. The scientific contribution of this work is reflected in the significant improvement of research on the role of economic policy in the development of sustainable tourism, providing a more complex understanding of potential directions for economic policy actions in this field.

KEYWORDS / KLJUČNE REČI:

Sustainable Tourism, Economic Policy, Republic of Serbia

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