Economic and Organizational Impact of COVID-19 on Colombia’s Tourism Sector

Luz Natalia Tobón Perilla, Elena Urquia-Grande () and Elisa Isabel Cano Montero ()
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Luz Natalia Tobón Perilla: Faculty of Economics and Business, Universidad Complutense de Madrid, 28040 Madrid, Spain
Elisa Isabel Cano Montero: Faculty of Economics and Business in Talavera de la Reina, Universidad Castilla La Mancha, 45600 Talavera, Spain

Sustainability, 2022, vol. 14, issue 20, 1-21

Abstract: The global COVID-19 crisis has strongly affected tourism. In an emerging economy like Colombia’s, however, the pandemic’s effects may differ from those experienced in more advanced countries. Building on prior studies, this investigation aims to determine the economic and organizational impact of COVID-19 on the tourism sector in the areas of lodging, travel agencies, clubs, and restaurants by identifying indicators relevant to the business tourism sector. We contrast data obtained empirically from a survey administered to a sample of 289 Colombian tourism SMEs. The model, developed with structural equations, enables identification of the factors with the greatest influence. The results indicate a high impact on sales and personnel expenses, leading to a decrease in management and innovation capability. In the gradual recovery process, internal measures taken by business owners to face the crisis have been more effective than measures taken by the government. Moreover, firms have prioritized financial strategies and innovation in marketing and services.

Keywords: COVID-19; strategies; structural equations; economic and organizational impact; tourism (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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