CURRENT STATE OF RECREATIONAL ENTERPRISES IN UKRAINE

The article analyzes the transformational processes in the recreational sector of Ukraine during 2020–2024. It highlights the impact of the COVID-19 pandemic and the full-scale invasion by the Russian Federation on the structure, scope of activities, financial indicators, and investment attractiveness of recreational enterprises. Key trends are identified: a decline in the volume of tourism services in 2020, partial recovery in 2021, a sharp reduction in activity in 2022, and a focus on rehabilitation tourism in 2023–2024. Special attention is paid to infrastructure destruction, shifts in target audiences, and the reorientation of hotels to accommodate internally displaced persons (IDPs) and military personnel. The role of digitalization in enabling business adaptation under crisis conditions is emphasized. The influence of migration and emigration processes on changes in demand is examined. The investment climate in the sector is analyzed, including reasons for the decline in capital investment and the prerequisites for its growth in relatively safe regions. The need for state support, modernization of facilities, and attraction of international resources for recovery is emphasized. During the period of 2020–2024, Ukraine’s recreational sector experienced two major crises — the pandemic and the war. This led to a reduction in the number of operating enterprises, a decrease in their income, and changes in the structure of services provided. At the same time, the adaptability and resilience of the sector allowed for a partial recovery of tourism flows, a shift toward the domestic market, and the launch of new formats of recreation focused on rehabilitation and wellness. Despite positive trends, recreational enterprises remain vulnerable due to security risks, insufficient investment, and the destruction of infrastructure in frontline regions. In the future, the development of recreational enterprises will depend on the stabilization of the country’s situation, state support, and the attraction of international investments for the modernization of the sector.