Risk factors in the leading sustainable development for the Nizhny Novgorod Region

Abstract

This paper reviews and systematizes the risk factors having an influence on the sustainable development of the tourism industry -one of the leading and especially promising development sectors of the Nizhny Novgorod region. The paper examines weaknesses, threats and risks of the tourist industry in the region. Further, it analyzes the state of the tourist sphere of the Nizhny Novgorod region over the past few years. In addition, the paper presents an analysis of the risk factors that are typical for tourism in the area under study. Using the method of analyzing hierarchies and involving an expert group, the identified factors were ranked to identify those having the greatest impact on the development of tourism in the Nizhny Novgorod region. We establish the relationship and analyze the degree of influence of the identified risk factors on the development of tourism in the region is determined based on statistical indicators analysis. Moreover, we propose measures that would enable to manage risks through the application of competent public policies and strategies for the development of the tourism industry.