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

Author(s): Ljiljana Kontić, Snežana Maksimović
Subject(s): Energy and Environmental Studies, Tourism
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Tourism; Sustainable development; Renewable energy; Economic growth; Western Balkan countries
Summary/Abstract: The main aim of this study is to investigate the relationship between 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 model 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 Western Balkan countries, too. Based on the research results, the recommendations for policy-makers are presented. The limitations and future research agenda are presented, too.

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