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<p>Energy security risk has long posed challenges to global economic activity, including tourism. Rising energy prices, supply disruptions, and geopolitical tensions can raise travel costs and heighten perceptions of instability, potentially discouraging international travel. Yet, empirical evidence on the extent to which energy security risk affects tourism flows remains limited. Using a global panel of 61 developed and developing countries from 1995 to 2018, this study examines the impact of energy security risk on outbound tourism. Employing a panel instrumental variable estimator that accounts for endogeneity and unobserved common factors, we find that higher energy security risk significantly reduces international tourism departures, and this effect is robust across a wide range of specifications. The negative impact is particularly pronounced in countries with chronically high energy insecurity. Additional analyses show that energy security risk also depresses tourism receipts, tourist expenditures, and the ratio of outbound to inbound tourism, suggesting that energy insecurity influences both the scale and intensity of international travel. These findings underscore the importance of energy stability for sustaining international tourism and highlight the need for targeted policy measures to buffer the tourism sector against energy-related vulnerabilities.</p>

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Does energy security affect tourism?

  • 期刊论文

  • 发表日期：

    2026年1月22日

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  • Kris Ivanovski,
  • Bernard Njindan Iyke

摘要

Energy security risk has long posed challenges to global economic activity, including tourism. Rising energy prices, supply disruptions, and geopolitical tensions can raise travel costs and heighten perceptions of instability, potentially discouraging international travel. Yet, empirical evidence on the extent to which energy security risk affects tourism flows remains limited. Using a global panel of 61 developed and developing countries from 1995 to 2018, this study examines the impact of energy security risk on outbound tourism. Employing a panel instrumental variable estimator that accounts for endogeneity and unobserved common factors, we find that higher energy security risk significantly reduces international tourism departures, and this effect is robust across a wide range of specifications. The negative impact is particularly pronounced in countries with chronically high energy insecurity. Additional analyses show that energy security risk also depresses tourism receipts, tourist expenditures, and the ratio of outbound to inbound tourism, suggesting that energy insecurity influences both the scale and intensity of international travel. These findings underscore the importance of energy stability for sustaining international tourism and highlight the need for targeted policy measures to buffer the tourism sector against energy-related vulnerabilities.