Russia's lurch into recession hits Turkish tourism hard
Russia's lurch into a recession has hit many tourism and luxury goods companies hard, forcing them to cut prices - and, in turn, costs - in an attempt to limit the damage. And there are few signs things will get better soon, with a fragile cease-fire in eastern Ukraine doing little to ease international tensions over Moscow's support for pro-Russian separatists in the region. The ruble lost almost half of its value against the U.S. dollar last year after oil prices crashed and the West imposed sanctions on Moscow. That has crushed Russians' spending power, forcing them to cut back and put pricey holiday plans on hold. Spending on international travel by Russians fell 6 percent in 2014, according to the U.N. World Tourism Organization, a sharp drop from more than 20 percent when compared to previous years. It's been a similar story for airlines, tour groups and hotels that rely on Russian business. Turkey, a major destination for Russian tourists, has also been heavily affected by the economic crisis in Russia. Some hotels in Turkey have slashed prices to fill beds after arrivals from Russia dropped by more than 21 percent in 2014 and by 22 percent in January.
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