WTTC: Malaysia’s Travel and Tourism Industry Will Add MYR 198.7 Billion to the Country’s Economy
According to the World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR), Malaysia’s travel and tourism industry is predicted to increase significantly in 2024, breaking all previous records in terms of employment, economic contributions, and domestic visitor expenditure.
Based on the most recent data, the sector is expected to contribute MYR 198.7 billion to the Malaysian economy in 2024, 1.6% more than it did before the epidemic and accounting for 10.5% of the country’s GDP.
Significant employment growth is also anticipated in the travel and tourism sector, with over 2.4 million jobs predicted to be created, representing a 5.2% increase from the previous year and a 5.3% increase from the 2019 high.
The amount spent by tourists is anticipated to rise significantly; domestic visitor expenditure is predicted to reach MYR 106.5 billion, more than one-fifth (21.6%) over 2019 levels. The amount spent by foreign visitors is expected to reach MYR 93.7 billion, up 27.8% from 2023 but still 6.2% below 2019 levels.
To draw more tourists from around the globe in the upcoming years, the government’s newly unveiled “Visit Malaysia 2026” strategic plan will support the anticipated expansion in Malaysia’s travel and tourism industry.
The travel and tourism industry in Malaysia experienced a notable rebound in 2023, expanding by 97.8% to reach MYR 157 billion, or 8.6% of the nation’s total GDP. Despite the notable improvement, travel and tourism’s share of GDP was still 19.8% less than in 2019. With a total employment of about 2.3 million, the industry also helped create jobs. This represents an increase of 10.8% from the previous year and matches 2019 levels.
2023 saw a notable increase in both local and international spending, with MYR 87.6 billion in domestic spending and MYR 73.3 billion in spending from foreign visitors, both of which were large gains over 2019 figures.
According to predictions made by the Global Tourism Organization, Malaysia’s travel and tourism industry will increase its yearly GDP contribution to MYR 336.6 billion by 2034, or 12.1% of the country’s total GDP. With almost 3.5 million employment predicted, the sector is likely to play a crucial part in the national workforce, employing one in six people.
