South Korea
McGahey, S.
International Tourism Reports 2: 22-43
1990
DOI: 10.1080/00927678.1978.10553930Document Number: 465982
Prospects for the tourist industry in the Korea Republic are good. Arrivals figures have climbed steadily throughout the 1980s, peaking, not surprisingly, with a 25% growth in 1988, the year of the Seoul Olympic Games. Growth has, however, continued strongly in 1989, which showed a total of 2.7 million arrivals. Much new infrastructural development took place prior to the Olympics and there has been substantial investment by both the public and private sectors. The government recognizes tourism's contribution to the economy, with $3300 million in tourism receipts in 1988. However, the liberalization of outbound travel in 1989 opened the door to 1.2 million South Koreans travelling overseas, outspending incoming visitors by 1.5 to 1. While the balance on the tourism account for 1989 was still positive, at $962 million, inbound tourism will have to continue to expand if it is to keep pace with the large numbers of South Koreans expected to travel overseas now that the restrictions are lifted.