MANAGEMENT OF GEOPOLITICAL RISKS OF ENTERPRISES IN THE TOURISM AND HOSPITALITY INDUSTRY IN UKRAINE

Abstract

The article examines the theoretical and practical aspects of managing geopolitical risks faced by enterprises in the tourism and hospitality industry in Ukraine. The risks have intensified due to ongoing political instability, armed conflict, and economic disruptions, posing significant challenges to the sustainable development of these sectors. The purpose of the present study is to identify effective strategies and tools for mitigating the impact of geopolitical risks on the functioning and development of enterprises in the tourism and hospitality industry. The objectives of the research are threefold: firstly, to explore the key geopolitical threats affecting the tourism and hospitality sectors in Ukraine; secondly, to analyse the existing management practices for addressing such risks; and thirdly, to propose a framework for enhancing resilience and ensuring sustainable development in the face of geopolitical challenges. The research also evaluates the influence of geopolitical risks on customer behaviour, investment attractiveness, and international partnerships, which are crucial for the recovery and growth of these sectors. The methodological basis of the paper is a systematic approach, combining qualitative and quantitative methods, including case studies, expert interviews, and statistical analysis, to comprehensively assess the nature and consequences of geopolitical risks and develop strategies for their management. The study emphasises that geopolitical instability, encompassing military conflicts, sanctions, and shifts in international relations, exerts a substantial influence on the economic performance and operational stability of enterprises. The research suggests that enterprises can adapt to changing conditions by adopting innovative risk management practices, such as scenario planning, diversification of markets, and digitalization of services. The proposal of effective approaches includes the integration of adaptive strategies, the use of global best practices, and the strengthening of international co-operation. Moreover, the study emphasises the significance of collaboration between the public and private sectors in implementing national-level risk management programmes. It is concluded that the development of a comprehensive framework for managing geopolitical risks, tailored to the needs of the tourism and hospitality industry, is essential to enhance their competitiveness and attractiveness in the global market. The overarching structure should comprise explicit guidelines for risk assessment, crisis management, and recovery planning, thereby ensuring the long-term sustainability of the industry. The findings contribute to the theoretical and practical understanding of geopolitical risk management and provide actionable recommendations for policymakers, business leaders, and researchers.