Consequences of global financial crisis for tourism industry in Montenegro and Serbia: A comparative analysis

Abstract

This paper analyzes the impact of global financial crisis on tourism in two neighbouring countries - Montenegro and Serbia. The situation in the insufficiently developed Serbian tourism industry has been additionally worsened due to the crisis, while the precrisis dynamic growth of Montenegrin tourism has been significantly slowed down by the crisis. Both countries have suffered a decline of the foreign exchange earnings from tourism in the time of crisis, but Montenegrin tourism industry has proven to be much more resilient to the crisis shocks.