The tourism supply of cultural, sports, and recreational services in Malaysia has seen significant fluctuations. From 2013 to 2019, there was steady growth, peaking at 24.76 billion Malaysian Ringgits in 2019. However, the value dropped dramatically by 45.23% in 2020 due to the COVID-19 pandemic. Recovery began in 2021 with a 49.37% increase, continuing into 2022 and 2023 with growth rates of 23.83% and 15.48%, respectively, reaching 28.96 billion Malaysian Ringgits in 2023.
Projected data from 2024 to 2028 suggests a steady CAGR of 3.31%. By 2028, the value is expected to reach 35.7 billion Malaysian Ringgits, indicating a 17.67% growth over the next five years.
Future trends to watch for include:
- The impact of technological advancements and digital transformation on the tourism sector.
- Increasing demand for sustainable and eco-friendly tourism experiences.
- Potential effects of geopolitical factors and global economic conditions on tourism.
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