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Fiscal and monetary policies supporting the tourism industry during COVID-19

Ümit Şengel (Faculty of Tourism, Sakarya University of Applied Sciences, Sakarya, Turkey)
Merve Işkın (Vocational School of Social Sciences, Ordu University, Ordu, Turkey)
Mustafa Çevrimkaya (Faculty of Tourism, Sakarya University of Applied Sciences, Sakarya, Turkey)
Gökhan Genç (Faculty of Tourism, Sakarya University of Applied Sciences, Sakarya, Turkey)

Journal of Hospitality and Tourism Insights

ISSN: 2514-9792

Article publication date: 31 January 2022

229

Abstract

Purpose

Since the first moment of the pandemic, national and international travel restrictions are in place to reduce human mobility. This actual situation makes the tourism industry one of the areas most affected by the pandemic. Many microeconomic factors (households and firms) were adversely affected by the pandemic, and this situation brought about macroeconomic contraction. Naturally, governments seek to sustain production and employment by offering financial packages to reduce the negative economic effects of the pandemic. Given such information, the study aims to examine the financial policies implemented by countries to support the tourism industry during the pandemic period.

Design/methodology/approach

Content analysis, which is a technique of qualitative research method, was applied in the analysis process of the data. Assessments were made based on data published by the United Nations World Tourism Organization (UNWTO) on the financial and monetary policies implemented by countries to support the tourism industry. The data were analyzed using the MAXQDA qualitative analysis program.

Findings

According to the results of the study, countries support the tourism industry financially in terms of credit and liquidity. Also, tourism investments are encouraged by tax breaks and low interest rates.

Originality/value

It is aimed to determine what issues the financial and monetary policies published by the UNWTO focus on to solve the problems in the tourism sector. In this way, it is thought that the study will reveal the problems experienced by tourism enterprises during the pandemic period with a holistic perspective.

Keywords

Citation

Şengel, Ü., Işkın, M., Çevrimkaya, M. and Genç, G. (2022), "Fiscal and monetary policies supporting the tourism industry during COVID-19", Journal of Hospitality and Tourism Insights, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JHTI-08-2021-0209

Publisher

:

Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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