[Yanolja Research Insights] Vol.22 Key Conditions for South Korea's Leap to a Leading Tourism Nation
As 2024 draws to a close, South Korea stands at a pivotal moment in its journey to become a global tourism powerhouse. Here are the essential insights shaping the nation’s tourism future: Global Recognition, Local Gaps South Korea is now recognized as a developed, high-income nation, but its tourism sector lags behind global peers in both scale and competitiveness. Tourism’s contribution to GDP is just 2.8%, far below countries like Spain, Italy, and the United States. While infrastructure and digital readiness are world-class, direct tourism services and international openness need significant improvement. Tourism Trade Deficit: The Balancing Act Despite record inbound tourists, South Korea has faced a persistent tourism trade deficit for over two decades. Outbound travel by Koreans continues to outpace inbound tourism, highlighting the need to both attract more international visitors and encourage domestic travel. Seoul Shines, But Regional Diversity Lags Seoul is a top global de...