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Almost 1,000 South Korean travel agencies have closed down
The Covid-19 pandemic has resulted in nearly 1,000 South Korean travel agencies going bust.
The Korea Tourism Association said 938 agencies have ceased trading since last year in the months leading up to the pandemic, which saw global travel ground to a virtual standstill.
That is a closure rate of more than 4% based on more than 22,000 registered agencies before the Covid-19 outbreak.
The rate of closures accelerated from March when borders around the world began closing.
Both inbound and outbound travel has slumped around 75% since then.
The sector has been supported by government funds and it has extended financial help by another six months until 31 March, 2021.
The government rolled out a stimulus package for the industry in May, offering discounted tickets to boost domestic travel but a second wave of infections has slowed down the industry recovery.
Written by Ray Montgomery, Asia Pacific editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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