Developing the components of integrated model to assess the tourism potential of the region

Subject. The article considers components of integrated model for assessing the tourism potential of a region. Factors that can affect tourism development and, as a result, the regional economy, are presented as components of an integrated model, which, if necessary, can be analyzed separately. Objectives. The aim is to develop a model to assess the tourism potential of the region for making management decisions about investing in the region's economy. Methods. The study draws on analysis, modeling, survey methods, and the integral method. Results. We elaborated science-based recommendations on building and improving an approach to the use by regional authorities of institutional and budgetary instruments for territorial development regulation. Its salient features are the instruments’ performance evaluation in the short and long run. The suggested approach can be used by regional authorities when developing relevant regulatory documentation, and in the financial and institutional interaction between regional and local authorities. Conclusions. The model enables to understand strengths and weaknesses of the tourism industry in the region and further evaluate the results of investing in the region's economy. Moreover, conclusions can be made both based on a composite (integrated) indicator and on its components, which reflect the assessment results of the most important factors in the tourism industry development. Tracking the indicators over time will ensure objective monitoring of the situation in the industry, and create opportunities for comparing the indicators of the tourism sector development in different regions.