Analysis of the Development of the Ukrainian Hotel and Restaurant Business in the Context of Modern Challenges

• Main Authors: Milashovska Olga I., Ilto Tetiana I.
• Format: Article
• Language: English
• Published: Research Centre of Industrial Problems of Development of NAS of Ukraine 2021-06-01
• Series: Bìznes Inform
• Subjects: hotel and restaurant business; economic development; quarantine restrictions; capital investment; business processes
• Online Access: https://www.business-inform.net/export_pdf/business-inform-2021-6_0-pages-151_156.pdf
• ISSN: 2222-4459; 2311-116X

The relevance of the chosen research topic is due to the need to analyze the level of economic development and search for new ways to develop the hotel and restaurant business in today’s challenges. The hotel and restaurant business plays an important social, image and economic role in the development of the national economy, acts as a supporting component of tourism and creates jobs for a significant number of people. In the context of the СOVID-19 pandemic, business has faced a number of new and unpredictable challenges that have stopped the dynamic development of the industry in recent years and require the development of new strategic solutions for adaptation to transformational conditions. The purpose of this article is to analyze the economic development of the hotel and restaurant business in Ukraine in the context of current challenges related to the СOVID-19 pandemic and to find appropriate ways to adapt the business to new conditions. The trends of economic development of the hospitality industry of Ukraine in terms of the main types of economic activity, namely: activities for temporary accommodation and catering have been analyzed in the article. The main problems of development of these types of economic activity in the conditions of quarantine restrictions and post-pandemic period have been singled out, the influence of quarantine on the economic situation of business has been researched. The main directions of adaptation of enterprises of hotel and restaurant business in new conditions have been offered. The scientific novelty of article is results of economic analysis conducted, assessing the obstacles and risks of the hotel and restaurant business and identifying the main ways to restore and develop the industry in the context of modern challenges. The practical significance of the article lies in determining the level of development of the hotel and restaurant business and the development of the main directions of adaptation of business activities in the new environment.