Thursday, June 27, 2024 The 2024 Economic Impact Report by the World Travel & Tourism Council (WTTC) forecasts a stellar year for the travel and tourism sector in South Korea, with anticipated surges in its economic impact, employment opportunities, and consumer expenditures. The latest projections suggest that the sector’s economic contribution will soar to a new high of ₩96.2 trillion this year, marking a 13.
6% increase compared to the previous year. 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 hit new heights, with employment figures projected to reach 1.4 million in 2024, reinforcing the sector’s importance in fostering economic stability. Spending by visitors is also expected to see a significant rise, with international visitor expenditure anticipated to return to 2019 levels at about ₩31.
9 trillion, a 31.2% increase from the previous year. Domestic spending is forecasted to climb to nearly ₩35.
5 trillion, up 7.2% from 2019 and 3% from 2023. Julia Simpson, WTTC President & CEO, said: “The impressive growth of South Korea’s Travel & Tourism sector underscores the government’s outstanding commitment to prioritising tourism as a key driver of economic development.
“This dedication not only boosts economic growth but also enhances South Korea’s profile as a premier destination for travellers wor.
