DEVELOPMENT OF TOURISM AND HOSPITALITY INDUSTRY IN THE CONTEXT OF EXPORTS
The economy of Latvia in the recent two years has experienced the consequences of the global economic and financial crisis that most
likely will influence both the ratings of Latvia in the international arena and the welfare of every resident. It has also created a substantial
impact on the tourism and hospitality industry. Tourism demand is very sensitive to the changes in the global economy – it has a tendency to
exceed the macroeconomic indicators during the economic growth and to drop much more rapidly than other industries during the downturn
of economy. This is clearly evidenced in the course of the research by the data mathematical processing method, using the calculations made
by the time-series analysis.
The present study will give an insight into the development of tourism and hospitality industry development in the past two years, a detailed
analysis on its competitiveness and role in the exports of Latvia tourism and hospitality services.
Keyword(s): tourism, export, competitiveness
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Economics and Rural Development ISSN 1822-3346 / eISSN 2345-0347
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