Natural and socio-cultural factors in country image formation

  • Ruslan Kliuchnyk Alfred Nobel University; Department of International Economic Relations and Economic Theory
Keywords: country image, image formation, brand, tourism, Olympic Games


Positive image can improve international perception of the country and facilitate foreign investment. Country image formation factors include geographic location, natural resources, historical sites, art, sports, ethno­confessional peculiarities, psychological set of people, political peculiarities etc. Economic components include GDP, main items of export, HDI (Human Development Index) and others. This article is mainly focused on non­economic factors that can influence the rise of a country's popularity for investors. Special events, celebrations as well as natural phenomena are also considered as such factors. Combination of natural landmarks, historical heritage and high level of service ensure the rise of tourism as it has been shown using the example of Latvia. A special attention has been paid to the Olympic Games. The article contains an analysis of their expenses and benefits for the host country. The examples of Great Britain, Russia, France, Ukraine and other countries have been analyzed. Quantitative measurement of non­economic factors can not always be considered but image benefits for a certain country can be seen by billions of people all over the world.

How to Cite
Kliuchnyk, R. (2019). Natural and socio-cultural factors in country image formation. Journal of Modern Economic Research, 1(3), 17-28. Retrieved from