The World Travel & Tourism Council (WTTC) forecasts a “stellar year” for the travel and tourism sector in South Korea in the 2024 Economic Impact Report.
The South Korean travel and tourism sector anticipates surge in its economic impact, employment opportunities, and consumer expenditures.
The latest projections suggest the sector’s economic contributions will soar to a new high of ₩ 96.2 trillion (USD 69.2 billion) this year, marking a 13.6% increase compared to 2023.
This growth highlights the sector’s essential role in the national economy, accounting for 4.3% of South Korea’s total economic output.
Job creation within the travel and tourism industry is expected to soar to new levels, with employment figures projected to hit 1.4 million in 2024.
Spending by visitors is also expected to see significant increment, with international visitor expenditure expected to return to pre-pandemic levels at about ₩ 31.9 trillion (USD 22.9 billion), a 31.2% increase from last year.
Moreover, domestic spending is anticipated to jump to nearly ₩ 35.5 trillion (USD 25.6 billion), up 7.2% from 2019 and 3% from 2023.
“The impressive growth of South Korea’s Travel & Tourism sector underscores the government’s outstanding commitment to prioritizing tourism as a key driver of economic development,” Julia Simpson, WTTC President and CEO said.
“This dedication not only boosts economic growth but also enhances South Korea’s profile as a premier destination for travelers worldwide.”
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