Seoul: The number of foreigners traveling to South Korea is anticipated to exceed 20 million this year, providing a boost to domestic demand, a report stated Thursday.
According to Yonhap News Agency, the report compiled by Hyundai Research Institute estimates that the number of foreign visitors to South Korea will surpass 20 million this year. This represents a significant increase from the previous year's figure of approximately 16.37 million.
The report indicates that South Korea is projected to earn US$20.2 billion from the spending of these foreign travelers. This income is expected to constitute 2.5 percent of last year's domestic spending, highlighting the economic impact of the tourism sector on South Korea's economy.