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
International Wine and Spirits in ASEAN: The economic contribution of the international wine and spirits value chain in Thailand and Vietnam
This report presents an assessment of international wine and spirits' contribution to the economies of Thailand and Vietnam.
Find Out More
Post
Historic wildfires could choke the Canadian economy this summer
Canada's early-season wildfires have caused massive destruction and dislocation in their paths – we estimate they have already reduced GDP in Q2 by 0.1ppt.
Find Out More
Post
New Activity Trackers suggest momentum is waning
After a choppy first quarter of GDP data, our novel Activity Trackers (which incorporate proprietary daily sentiment data from Penta) suggest that economic momentum in EM Asia is on a softer trend in Q2 (at least outside of China) supporting our view of easing underlying inflationary pressures and diminishing appetite for further rate hikes.
Find Out More
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