Analysis of current condition of monetary policy in Ukraine and its impact on tourism
Abstract
Ukrainian tourism currently functions in conditions of fierce global competition. Being an important component of our country’s economy as a factor that not only attracts most of domestic economic industries to development of tourism product, but also boosts their growth, tourism requires substantial scientific-methodical research, including the analysis of current development condition, solution of various problems of public governance, prognosis and prevention of possible risks and threats, as well as defining of the impact of monetary policy on the development of the industry. Current condition of tourism in Ukraine requires immediate improvement of state monetary policy mechanisms, which in its turn is the component of forming of tourism policy. Examining the experience of foreign countries, one can argue that dynamic development of tourism directly depends on understanding of tourism importance at the state level and on the used leverages of state support. According to recommendations of World Tourism Organization, current tourism development condition in the first place needs state assistance, and then the private sector. Tourism development should be promoted based on its place in the country’s economy. The paper aims to analyze current condition of monetary policy in tourism and to define its impact on the development of economy and specifically the industry. The paper analyzes current condition of monetary policy of Ukraine. It defines the impact of monetary policy on the development of tourism industry. The types of monetary policy are examined and its major principles that are the ground for monetary-credit policy are outlined. The author argues that current tourism condition has the range of problems, including the fierce domestic competition caused by lack of clients and tax burden, i.e. high tax rates. Therefore, it is difficult to secure economic stability in the industry and to increase revenues to state budget, which could have been positively expressed in state monetary policy.
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