The value added of air transport in South Korea has experienced fluctuations over the past decade, starting at 6.2871 trillion South Korean Wons in 2015 and seeing a decline to 5.6238 trillion Wons by 2023. A notable drop of 4.79% occurred in 2017 and consistent year-on-year declines followed, with a slight resurgence of 0.28% in 2020. The last two years showed a decrease of approximately 0.75% each year. The compound annual growth rate (CAGR) of -0.5% highlights the overall declining trend over the past five years.
Forecast data indicate a continued downward trend, with a projected value of 5.4248 trillion Wons in 2028, reflecting a forecasted 5-year CAGR of -0.57%. This suggests an average annual decline in economic contribution from the air transport sector at a rate consistent with recent historical trends.
Future trends to watch for:
- Potential recovery or further impact from global economic conditions and geopolitical tensions.
- Technological advancements and increased efficiency in the air transport sector.
- Environmental regulations and the adoption of sustainable practices.
- Changes in consumer behavior and travel patterns post-pandemic.
