Tourism effects of Russia’s war on Ukraine
While Ukraine and Russia will suffer significant impacts in terms of inbound travel, there will be immediate and direct impacts across other destinations due to weaker economic conditions. In aggregate, Russia and Ukraine outbound travel accounted for 5.4% of global international trips in 2019.
What you will learn:
- Sanctions have already weighed heavily on the Russian economy and will significantly impact travel and economic activity in Russia and beyond.
- In the short term, countries that rely on Russian and Ukrainian visitors will be affected as travel from both countries will be limited. Larger impacts are expected in terms of travel from Russia.
- Over the longer term, the effects of airspace restrictions and rising oil prices could feed through into ticket prices, depressing the recovery of international travel, while supply disruptions in terms of oil, gas and food supplies will feed through to already high inflation rates in Western economies, especially in Europe.
Tags:
Related posts
Post
Shocks to Los Angeles film and entertainment sectors to hit growth
Los Angeles benefited from a strong recovery in film sector and tourism-related jobs in 2022, finally yielding a recovery of lost pandemic jobs in Q1. Los Angeles's net job change from Q1 2020 to Q1 2023 was 0.4%, still below the US net growth of 2.3%.
Find Out More
Post
The top 50 US metros add jobs in 2023 despite slower growth
The top 50 metros are expected to see a net gain in jobs on an annual basis in 2023, but all are likely to shed jobs in the second half of the year. Metros heavily reliant on tourism will see the fastest growth, while Midwest metros and some with a large information sector underperform.
Find Out More
Post
Hotel carbon efficiency improved 27% from 2014-2019
Travel & Tourism accounted for 8% of global greenhouse gas emissions in 2019. Within Travel & Tourism, the lodging industry represents 6% of the total carbon footprint of global tourism.
Find Out More
Post
China’s bounce-back from Covid has no clear driver
With Covid-related restrictions now removed, the Chinese economy is due for a bounce. In consensus thinking, much of that uptick is expected to come from private consumption.
Find Out More