Tourism to create 49,000 jobs a year in South Korea: WTTC
Author: Li Hailin
The country’s travel and tourism industry will create an average of 49,000 new jobs over the next decade, the World Travel and Tourism Council (WTTC) said on Monday.
The WTTC’s latest Economic Impact Report (EIR), released in May, showed that around half a million jobs would be created over the next decade, taking the total to 1.8 million by 2032, more than any other sector in the economy.
The report shows that in the next ten years, the GDP of the national tourism industry is expected to grow at an average annual rate of 4.8%, which is significantly higher than the country’s overall growth forecast of 1.8%.
The growth is expected to generate 116.9 trillion won ($89.5 billion), or 4.6 percent of the country’s economy.
Before the outbreak of the COVID-19 pandemic, the country’s tourism industry contributed 4.4 percent to the country’s GDP, or 87.5 trillion won ($67 billion), and supported 1.3 million jobs.
However, the COVID-19 pandemic has dealt a severe blow to the industry, nearly halving its GDP and economic contribution to 2.7 percent at 54.2 trillion won.
In 2021, its contribution to GDP will only increase by 3% year-on-year to nearly 55.9 trillion won. Next year, the figure is expected to rebound to 83.4 trillion won, only 4.7% below the pre-pandemic level.
“After the devastating impact of COVID-19 on South Korea’s tourism industry, the future of the economy looks bright,” said WTTC President and CEO Julia Simpson.
“We applaud governments for easing travel restrictions, which will undoubtedly have a positive impact and restore millions of jobs. However, pre-departure testing is no longer required in many countries around the world, and we urge governments to follow the lead and allow travelers Freedom to move again,” Simpson said.