South Korean travel industry will probably create half a million jobs

Synopsis: The World Travel & Tourism Council (WTTC) revealed its future plan for South Korea’s Travel & Tourism industry. South Korea’s tourism industry is expecting to create half a million jobs over the next decade.

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The forecast from WTTC’s latest Economic Impact Report (EIR), says that the South Korean tourism industry is expected to create half a million jobs by 2032. This means that the country will introduce an average of nearly 49,000 new jobs annually. According to data revealed by WTTC, South Korea will surpass the world’s economy in the next 10 years with a huge number of job openings.

Tourism is South Korea’s second-largest industry after manufacturing. According to the Ministry of Culture, Sports, and Tourism, the country welcomed nearly 50 million foreign tourists before the pandemic and this number is expected to increase to around 60 million this year. The world has already been on pause for two years due to the outbreak of COVID-19 infection and when everything is getting back to normal, S.Korea has already made an announcement to set the tourism industry on fire. 

According to the report, the GDP of the Travel & Tourism industry in South Korea is expected to grow at a rate of 4.8% per year for the next 10 years and will make a contribution of ₩116.9 trillion. That means it will surpass the overall nation’s economy with a 1.8% growth rate.

According to the forecast done by World Travel & Tourism Council (WTTC), South Korea’s GDP for the tourism sector is expected to reach ₩83.4 trillion in 2023 which is only 4.7% less than the pre-pandemic GDP. Meanwhile, the Employment levels will remain stagnant.

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