Forecast: International Tourist Arrivals in South Korea

The international tourist arrivals in South Korea showed significant variability over the past decade. From 2013 to 2017, the numbers fluctuated, peaking in 2016 with a 30.31% increase from the previous year, but dropping sharply by 22.65% in 2017. The period from 2018 to 2019 saw moderate growth, leading up to an unprecedented 85.61% decline in 2020 due to the pandemic. Recovery was evident in 2021 with a 301.03% increase, and by 2023, arrivals reached 19.109 million, a strong 25.38% increase year-on-year. The 5-year CAGR from 2019 to 2023 stood at 2.71%, reflecting the overall recovery phase.

- **2023 Value (Millions - 19.109):** The year closed on a high note with a remarkable recovery post-pandemic.

- **Year-on-Year Variation (2023):** 25.38%

- **5-year CAGR (2023):** 4.48%

- **Forecast (2024-2028):** Growth is expected to continue, albeit at a decelerating rate, with a forecasted 5-year CAGR of 2.66% and a total growth rate of 14.03% by 2028.

**Future Trends to Watch For:**

- **Sustainable and eco-friendly tourism initiatives**

- **Increased digital marketing and e-visas to boost tourism**

- **Events and festivals resuming to pre-pandemic scale**

- **Expansion of infrastructure to accommodate higher tourist influxes**