International tourism receipts for travel items in South Korea exhibited significant fluctuations between 2013 and 2023. Starting at $14.392 billion in 2013, receipts peaked at $20.867 billion in 2019, before plummeting sharply to $10.528 billion in 2020 due to the COVID-19 pandemic. A strong recovery ensued, pushing receipts to $22.555 billion by 2023. The year-on-year variation reached a peak of 48.01% in 2021, and the CAGR for the last five years stands at 3.97%. Forecasts project a steady growth rate with a forecasted five-year CAGR of 2.85%, leading to $26.998 billion by 2028.
Trends to watch for:
- Sustained recovery and growth in tourism post-pandemic.
- Potential impacts of geopolitical and economic shifts.
- Continued investment in tourism infrastructure and marketing.
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