South Korean tourism receipts shall continue to remain positive with USD 69.6 billion revenue this year, of which international visitor spend will reach nearly pre-pandemic levels to USD 23 billion, says data by WTTC.

South Korea is poised to carry on the positive trend in economic contribution, employment, and visitor spending in 2024, says the World Travel and Tourism Council (WTTC) 2024 Economic Impact Research (EIR).

According to the latest data, the sector’s contribution to the national economy is expected to reach a record KRW 96.2 trillion (USD 69.6 billion) this year, representing a 13.6 pc year-on-year increase.

WTTC says this contribution underscores the sector’s crucial role, accounting for 4.3 pc of the nation’s economy.

It says that employment within travel and tourism is also forecasted to surpass previous records, with total job of numbers anticipated to surpass to 1.4 million in 2024, highlighting the sector’s vital role in job creation and economic stability.

Visitor spending is also projected to witness substantial growth this year, with international visitor spend expected to reach 2019 levels to nearly KRW 31.9 trillion, up 31.2 pc from last year. 

“The impressive growth of South Korea‘s travel and tourism sector underscores the government’s outstanding commitment to prioritising tourism as a key driver of economic development,” says Julia Simpson, WTTC President and CEO.

“This dedication not only boosts economic growth but also enhances South Korea’s profile as a premier destination for travellers worldwide,” she adds.

South Korea‘s travel and tourism sector experienced a resurgence, growing 18.2 pc to reach KRW 84.71 trillion last year, representing 3.8 pc of the country’s total economic output. 

The statement adds that this growth was a significant rebound, although it remained 6.3 pc below 2019 levels. 

The sector also contributed to the creation of 76,600 new jobs, bringing total employment to 1.34 million, reflecting a year-on-year increase of 6.1 pc.

WTTC says that international and domestic spending also saw notable increases, with international visitor spending reaching KRW 24.3 trillion and domestic spending climbing to KRW 34.45 trillion.

WTTC forecasts that by 2034, South Korea‘s travel and tourism sector will significantly boost its annual GDP contribution to KRW 130.9 trillion, accounting for nearly 5 pc of the national economy. 

Employment in the sector is expected to exceed 1.8 million jobs, underscoring its role as a cornerstone of the national workforce and supporting 6.8 pc of all jobs in the country.

The statement adds that travel and tourism in Northeast Asia is expected to grow by more than 29 pc this year to reach a record-breaking USD 2.3 trillion, whilst jobs could reach more than 89.5 million, just behind 2019 levels. 

International spending is expected to reach more than USD 250 billion this year, while domestic visitor spending is set to reach an all-time high of USD 1.2 trillion, surpassing the pre-pandemic level by almost 10 pc.