Competitiveness of the Regional Economy on the Example of ESG Technologies and Their Impact on the Tourism Industry

Abstract

Compliance with the principles of ESG is becoming one of the prerequisites for companies operating in global markets, and a necessary condition for maintaining their competitiveness. First of all, this is due to the conditions for entering foreign markets and the changing priorities of investors, since the company's compliance with the principles of ESG has a direct impact on their image as a responsible environmentally and socially oriented company. Worldwide, the tourism and hospitality industry is represented mainly by small and medium-sized enterprises, for which participation in the ESG rating is not a priority. However, given the rapid spread of the ESG ideology in the financial sector and the possible, in connection with this, restrictions on obtaining credit resources, it may be an incentive to comply with the principles of ESG in the work of enterprises in the tourism and hospitality industry, affecting the competitiveness of the economy, both as a whole country and the economy region. The aim of the study is to analyze the competitiveness of the region's economy using the example of ESG technologies and their impact on the tourism industry, as a result of which problems and ways to solve them were identified, including the desire to promote the development of tourism and key business processes in this industry that affect competitiveness, such as the economy as a whole and the region.