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WTTC: Covid leads to 45 per cent decline in South Korea tourism
The decline in South Korea’s tourism sector has left a $33.3 billion hole in the nation’s economy, according to the World Travel & Tourism Council.
WTTC data shows the sector’s contribution to GDP dropped by staggering 45.5%.
The sector contributed $73.2 billion in 2019.
It also resulted in the loss of an estimated 84,000 travel related jobs across the country.
Still, this number is less than other nations across the region.
It was helped by the government’s job retention scheme, the Universal Employment Insurance Roadmap, and emergency relief stimulus payments.
The report also revealed domestic visitor spending declined by 34%, iwhile international spending fared even worse, falling by 68%.
Virginia Messina, Senior Vice President WTTC said: "The loss of 84,000 tourism jobs in South Korea has had a terrible socio-economic impact, leaving huge numbers of people fearing for their future."
"However, the government’s response to Covid-19 has been extremely good, managing the crisis through the implementation of robust processes, strong policies, and protocols."
WTTC research shows that if mobility and international travel resume by June, the sector’s contribution to global GDP could rise sharply in 2021, by 48.5%, year-on-year.
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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