Navigating Financial Frontiers in the Tourism Economies of Kosovo and Albania during and beyond COVID-19

Enkeleda Lulaj, M. Tase, Conceição Gomes, Lucília Cardoso
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Abstract

The problem addressed in this study is the profound impact of the COVID-19 pandemic on the tourism economies of Kosovo (KOS) and Albania (AL), which led to economic–financial stagnation and price increases. The aim was to analyze the financial frontier challenges facing the tourism industry during COVID-19 and beyond and propose effective strategies for shaping a sustainable future for countries within Europe with great potential for tourism development in the current decade. The survey was conducted in 102 locations, including cities, municipalities, regions, villages, and neighborhoods in both countries over the years 2020–2023, while data analysis was performed using a cluster analysis (K-means and hierarchical) and the multidimensional scaling method (Alscal). The results highlighted (a) the severe impact of COVID-19 on both the population and businesses in the tourism sector, which will persist beyond the pandemic, (b) the indispensable role of government intervention in alleviating the financial crisis, (c) the need for innovative approaches and accurate financial management by both the country and businesses to attract tourists, and (d) the importance of control and management for financial sustainability. This paper is of significant importance to tourism destinations as it provides insights into the severe impact of COVID-19 on both the population and businesses in the tourism economies. By highlighting the indispensable role of government intervention, the need for innovative approaches and accurate financial management, and the importance of control and management for financial sustainability, the study offers valuable guidance for tourism destinations in navigating the current crisis and attracting tourists. Furthermore, the paper emphasizes the need for future studies to explore opportunities for long-term financial resilience and growth, contributing to the development of sustainable tourism destinations.
在 COVID-19 期间及之后,科索沃和阿尔巴尼亚旅游经济的金融前沿导航
本研究探讨的问题是 COVID-19 大流行病对科索沃(KOS)和阿尔巴尼亚(AL)旅游经济的深刻影响,它导致了经济金融停滞和价格上涨。调查的目的是分析旅游业在 COVID-19 期间及之后所面临的金融前沿挑战,并提出有效的战略,以便在本十年内为欧洲旅游业发展潜力巨大的国家塑造一个可持续的未来。调查在两国的 102 个地点进行,包括 2020-2023 年期间的城市、市镇、地区、村庄和社区,数据分析则采用聚类分析(K-means 和层次分析)和多维标度法(Alscal)。研究结果突出表明:(a) COVID-19 对人口和旅游业企业的严重影响,这种影响将持续到疫情过后;(b) 政府干预在缓解金融危机方面发挥着不可或缺的作用;(c) 国家和企业都需要创新方法和准确的财务管理来吸引游客;(d) 控制和管理对于财务可持续性的重要性。本文对旅游目的地具有重要意义,因为它揭示了 COVID-19 对旅游经济中的居民和企业的严重影响。通过强调政府干预不可或缺的作用、创新方法和准确财务管理的必要性,以及控制和管理对财务可持续性的重要性,本研究为旅游目的地应对当前危机和吸引游客提供了宝贵的指导。此外,本文还强调了未来研究的必要性,以探索长期财务复原力和增长的机会,促进可持续旅游目的地的发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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