The outlook for Russia's tourism industry remains unsettled and while the market certainly offers growth potential the short-term forecasts for the tourism sector are relatively weak. Arrivals from key markets in Europe continue to decline as a result of strained political and diplomatic relations in the wake of the Ukrainian crisis. Upside risk stems from Russia's attempts to forge new tourism links with Asia Pacific including China, though growth in these markets is currently insufficient to offset the European decline. Investment in transport and accommodation infrastructure prior to the FIFA World Cup in 2018 should stimulate growth and attract new developers to the market.
Latest Updates And Key Forecasts
Preparations for the hosting of the FIFA World Cup in 2018 are ramping up. Russia has reportedly increased spending related to the tournament by RUB4.7bn (USD81mn). Games will be held in Moscow, St. Petersburg and Sochi as well as lesser known destinations including Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara