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

Author

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  • Enkeleda Lulaj

    (Faculty of Business, University Haxhi Zeka, 30000 Peja, Kosovo)

  • Mirela Tase

    (Department of Tourism, University “Aleksander Moisiu”, 2000 Durres, Albania)

  • Conceição Gomes

    (CiTUR—Centre for Tourism Research, Development and Innovation, Polytechnic University of Leiria, 2411-901 Leiria, Portugal)

  • Lucília Cardoso

    (CiTUR—Centre for Tourism Research, Development and Innovation, Polytechnic University of Leiria, 2411-901 Leiria, Portugal)

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.

Suggested Citation

  • Enkeleda Lulaj & Mirela Tase & Conceição Gomes & Lucília Cardoso, 2024. "Navigating Financial Frontiers in the Tourism Economies of Kosovo and Albania during and beyond COVID-19," JRFM, MDPI, vol. 17(4), pages 1-19, March.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:4:p:142-:d:1368073
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    References listed on IDEAS

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    1. Rocío Maehara & Luis Benites & Alvaro Talavera & Alejandro Aybar-Flores & Miguel Muñoz, 2024. "Predicting Financial Inclusion in Peru: Application of Machine Learning Algorithms," JRFM, MDPI, vol. 17(1), pages 1-25, January.
    2. Xie, Dongshui & Bai, Caiquan & Zhang, Yuwei, 2023. "Relation-based governance, financial crisis shock, and economic growth in China," Economic Modelling, Elsevier, vol. 129(C).
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