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.