7th International Thematic Monograph – Modern Management Tools and Economy of Tourism Sector in Present Era

 Relationship between Tourism, Renewable Energy   and Economic Growth in Western Balkan Countries

 Ljiljana Kontic   –   Faculty of Business and Law, University MB, Belgrade, Serbia
Snezana Maksimovic   –    Faculty of Business and Law, University MB, Belgrade, Serbia
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DOI:   https://doi.org/10.31410/tmt.2022-2023.63​
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Abstract:    The main aim of this study is to investigate the relationship be- tween tourism, renewable energy and economic growth in Western Balkan countries. Tourism is one of the most significant sectors for growth across the Western Balkan countries. In this study, metadata has been used. A mod- el in which economic growth is a function of renewable energy consumption and tourist arrivals has been explored. To test validity, the Granger causality has been used. The results showed that tourist arrivals had a positive impact on economic growth in Western Balkans. Renewable energy consumption had a significant positive impact on economic growth in all West- ern Balkan countries, too. Based on the research results, the recommendations for policy-makers are presented. The limitations and future research agenda are presented, too.

Keywords:   Tourism; Sustainable  development; Renewable energy; Economic growth; Western Balkan countries

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