WTTC indicated that South Korea’s travel and tourism industry is likely to produce nearly half a million employees over the next decade.
The latest Economic Impact Report (EIR) from WTTC predicts that the industry would exceed the general economy for the next ten years, with an average of approximately 49,000 new employments created each year, reaching nearly 1.8 million by 2032. South Korea’s Travel & Tourism GDP is expected to increase at a 4.8 % annual pace between 2022 and 2032, much above the national total economy’s 1.8 % growth rate. This will increase the sector’s contribution to about 116.9 trillion, or 4.6 % of total GDP.
According to the global tourism organization, the sector’s contribution to South Korea’s GDP in 2023 might reach roughly 83.4 trillion, only 4.7 % lower than pre-pandemic levels. Looking ahead to this year, the global tourism association projects that the industry’s contribution to GDP will increase 30.6 %, to about 73 trillion, or 3.5 % of the whole economy, while job levels in the sector would stay static, at nearly 1.3 million.
Julia Simpson, WTTC President & CEO, said: “After the devastating impact the pandemic caused to South Korea’s Travel & Tourism sector, the future looks bright for the economy. We applaud the government for easing travel restrictions, a move that will no doubt have a positive effect and recover millions of jobs. However, pre-departure testing is no longer required in many countries around the world and we urge the government to follow the lead and allow travelers to move freely once again.”