Investments and employment in tourism in the Republic of Serbia


  • Nemanja Pantić University of Kragujevac, Faculty of Hotel Mangement and Tourism in Vrnjačka Banja, Serbia
  • Ivan Milojević University of Defence, Military Academy, Belgrade, Serbia



tourism, employment, investments, Republic of Serbia


Investments in tourism are crucial for the development of both tourism and other activities that are directly or indirectly related to it. Despite the immense potential of tourism, the insufficient development of infrastructure appears as one of the reasons that diminishes the role of tourism in Serbian economy. It is therefore of great importance to invest in infrastructure development in tourism. The subject of this paper is to compare Serbia with the countries in the region of Western Balkan and with several other European countries (Germany, France, Italy, Austria, and the Netherlands) in terms of the level of capital investments and employment in tourism. The insight into the amounts of investments will show the position and perspective of Serbia in relation to the countries in region and Europe. By adopting the measures of investment policy in tourism and associated incentives, Serbia will create the climate that will increase the amount of capital investments in tourism, which will have a multiplier effect on employment and also the entire economy.


Chou, M. (2013). Does tourism development promote economic growth in transition countries? A panel data analysis. Science direct – Economic Modelling, 33, 226-232.

Dobrivojevi?, G., Pavlovi?, D., & Popesku, J. (2017). Location Attractiveness for investments as a competitiveness factor in tourism. Teme, 41(3), 655-671.

Nawaz, M. A., & Hassan, S. (2016). Investment and Tourism: Insights from the Literature. International Journal of Economics Perspectives, 10(4), 581-590.

Ohlan, R. (2017). The relationship between tourism, financial development and economic growth in India. Future Business Journal, 3(1), 9-22.

Onetiu, A. N., & Predonu, A. M. (2013). Effects of Tourism on Labour Market. Procedia - Social and Behavioral Sciences, 92, 652-655.

Panti?, N. (2016). Impact of tourism on macroeconomic stability and economic development of the Republic of Serbia. In D. Cvijanovi? et al. (Eds.), Tourism in Function of Development of the Republic of Serbia: Spa tourism in Serbia and Experiences of Other Countries (pp. 153-168). Vrnja?ka Banja: Faculty of Hotel Management and Tourism in Vrnja?ka Banja.

Redži?, D. (2018). Significance of quality in the tourism industry: Research study on the perception of stakeholders in tourism. Menadžment u hotelijerstvu i turizmu - Hotel and Tourism Management, 6(2), 11-20.

Seghir, G. M., Mostefa, B., Abbes, S. M., & Zakarya, G. Y. (2015). Tourism Spending-Economic Growth in 49 Countries: A Dynamic Panel Data Approach. Procedia Economics and Finance, 23, 1613-1623.

Šteti?, S. (2006). M.I.C.E. Industrija - budu?nost razvoja turisti?ke destinacije [MICE industry - the future of the tourist destination development]. Turizam, 10, 21-24.

Tornjanski, A. (2015). Atraktivnost tržišta Srbije u privla?enju me?unarodnih kompanija iz oblasti turizma [The attractiveness of Serbian market in attracting international companies in tourism sector]. Turisti?ko poslovanje, 15(2), 5-15.

Ubavi?, P. (2015). Informational resources management in tourism. Ekonomika, 61(1), 161-171.

Vetrakova, M., (2000). The demand and supply of qualified employees of tourism on the job market. Tourism hospitality management, 6(1-2), 13-19.

World Travel & Tourism Council (2019). Economic impact 2018, Serbia. Retrieved April 11, 2019 from

Ze?evi?, B., & Pindžo, R. (2016). Uloga podsticaja u unapre?enju konkurentnosti turisti?ke destinacije: Primer Republike Srbije [The role of incentives in improving the competitiveness of the tourist destination: Example of the Republic of Serbia]. Conference: Economy Today: Freedom, Competition and Incentives. Bosnia and Herzegovina, Sarajevo: University of Eastern Sarajevo.




How to Cite

Pantić, N. ., & Milojević, I. . (2019). Investments and employment in tourism in the Republic of Serbia . Hotel and Tourism Management, 7(1), 95–104.

Similar Articles

You may also start an advanced similarity search for this article.