Financial aspects and criteria approach to the assessment of tourism development in Kazakhstan

Abstract

Nowadays, thanks to tourism and its multiplier effect, it is possible to solve issues of employment and replenishment of the state treasury at all levels. Of course, tourism is one of the drivers of the economy. It is a trigger for raising the country's brand at the international level, and therefore, today, the effectiveness of invested funds in this industry is one of the main issues on the agenda. The roots of solving this issue begin with a competent investment policy of each enterprise. Due to the urgent problem of chronic financial constraints, such processes require appropriate management and regulation at all levels, including the state.

The examination centers on a significant issue encountered by tourism endeavors. Inadequate funding stands as a prevalent obstacle impeding the progress of tourism, leading to the gradual decline of several sought-after tourist locales. As with all investments, the main issue is the definition of criteria that should give an understanding of the effectiveness, timeliness and necessity of a particular tourism project. The essence of the investment project is the creation of added value. If the project does this, then it needs to be funded. The next issue is to determine the capital structure that is needed for its effective weighted average cost.

This article delves into the financial and investment dimensions of tourism development in the economy. Recommendations are provided to enhance the financial and investment support for tourism activities. It emphasizes the positive principles governing the functioning of the tourism business. Based on the results of this study, it is possible to structure the necessary processes of tourism for its continuous development and clearly identify the mechanisms for the movement of funds, employment and innovation in this area.