Foreign Tourism Shutdown Supports Russia's Struggling Economy Amid COVID-19

• Russia’s economy could benefit by up to $30Bn this year from Russians spending their roubles at home rather than on foreign holidays due to travel restrictions linked to the COVID-19 pandemic, economists say.
• The estimates are a rare piece of good news for an economy battered by low global oil prices as well as coronavirus lockdowns. Russia ran a budget deficit of around $23Bn in the first nine months of this year.
• Like many other countries, Russia also saw foreign tourists stay away in droves in 2020. But it sent far fewer travelers overseas than usual after closing its borders in March. The outflow in some cases fell by as much as 80%.

(Source: Reuters)