Risk Management in Sustainable Tourism Development: An Economic and Business Perspective

Abstract

Sustainable tourism has become an important strategy for promoting economic growth while maintaining environmental and social sustainability. However, the development of sustainable tourism is inherently exposed to various risks, including economic, environmental, social, and business-related risks that may affect the long-term viability of tourism destinations and industry stakeholders. This article aims to examine the role of risk management in sustainable tourism development from an economic and business perspective.

This study adopts a conceptual approach through a comprehensive review of the literature on sustainable tourism, risk management, and economic and business policies in the tourism sector. The analysis focuses on identifying key risk categories associated with sustainable tourism development and exploring appropriate risk mitigation strategies that can be implemented by relevant stakeholders.

The findings suggest that the integration of risk management into sustainable tourism planning and management enhances the resilience of the tourism sector against economic uncertainty, environmental change, and market volatility. Effective risk management not only supports the sustainability of tourism destinations but also contributes to more adaptive and long-term oriented business decision-making. This study provides insights for policymakers and tourism practitioners in designing sustainable tourism strategies that are resilient, competitive, and economically viable.