o:37207 REVISITING THE TOURISM-LED ECONOMIC GROWTH HYPOTHESIS: EMPIRICAL INSIGHTS FROM SERBIA en Abstract: Although the tourism–growth nexus is extensively explored in the tourism and economics literature, empirical evidence specific to Serbia remains limited. To address this gap, the present study tests the tourismled growth hypothesis (TLGH) by examining the impact of international tourism receipts, to the real GDP, using quarterly data. The ARDL model reveals that international tourism receipts have a statistically significant positive impact on economic growth. The TLGH is confirmed by the existance of a long run cointegration relationship between international tourism receipts and gdp growth, after accounting for control variables such as total fixed assets and real effective exchange rate. This finding suggests that, in the Serbian context, policies aimed at promoting international tourism could serve as an effective instrument for stimulating sustained economic growth. Keywords: TLGH, international tourism receipts, GDP, ARDL, Serbia 1552100 978-86-7680-494-8 2025-12-03T11:37:45.040Z 44 no 46 Aleksandra Anić Univerzitet u Beogradu Ekonomski fakultet 0000-0002-3058-0777 Branislava Hristov Stančić Univerzitet u Beogradu Ekonomski fakultet person 0000-0002-1285-6485 Jelena Rašković Univerzitet u Beogradu Ekonomski fakultet person 0000-0001-8154-0161 application/pdf 1253397 https://phaidrabg.bg.ac.rs/o:37207 no yes 1 70 92000001 11A03 International Symposium on Operational Research, SYM-OP-IS 2025, Palić, 7-10. septembar 2025 100 105 Belgrade: University of Belgrade, Faculty of Organisational Sciences 2025