Travel and tourism comprise one of the largest economic and job-rich industries in the world. According to the World Travel & Tourism Council (WTTC), in 2019, the travel and tourism industry contributed to 10.4% (US$9.2 trillion) of global GDP and 10.6% (334 million) jobs globally. However, in 2020, due to the coronavirus pandemic, GDP contributed by the travel and tourism industryped by 49.1% (US $4.7 trillion), and 18.5% (62 million) jobs were lost.
Asia Pacific, the region that continues to have the highest level of travel restrictions in place, recorded the largest suffering among all destinations. In 2020, according to the World Tourism Organization (UNWTO), international arrivals decreased by 84% in the Asia Pacific region. Additionally, East Asia tourism destinations are facing new challenges, such as changing patterns of demand, political issues, natural disasters, terrorism, and other virus outbreaks that impact the growth of travel and tourism. These global challenges are threatening international peace and security as well as economic growth. To overcome these challenges is even more crucial in this region as Tokyo, and Bejing is scheduled to host the Olympics in 2021 and 2022. Cooperation among policy-makers, industry leaders, and other South Korea, China, and Japan stakeholders can resolve these challenges by optimizing resource allocation, enhancing competitiveness, and reinforcing resilience to emerging crises.
This session reviews the vital role, common challenges, issues, and opportunities of travel and tourism in South Korea, China, and Japan’s economies. Furthermore, as key economic players of East Asia, the discussion jointly addresses the importance of multilateral cooperation in travel and tourism for the mutual benefit of the three countries.