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Travel Trends Today: Malaysia’s Travel & Tourism Sector to Contribute MYR 198.7bn to its Economy – WTTC
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) projects a significant year of growth for Malaysia’s Travel & Tourism sector, with economic contributions, employment, and domestic visitor spending expected to break all records this year.
According to the latest data, the sector’s contribution to Malaysia’s national economy is set to reach MYR 198.7bn in 2024, surpassing pre-pandemic levels by 1.6%, representing 10.5% of the national economy.
Employment in travel & tourism is also expected to increase significantly, with job numbers projected to rise to over 2.4 million, marking a 5.2% growth compared to last year and 5.3% above the 2019 peak.
Visitor spending is forecast to experience substantial growth, with domestic visitor spending expected to reach MYR 106.5bn, more than one fifth (21.6%) above 2019 levels. International visitor expenditure is anticipated to reach MYR 93.7bn, up 27.8% from 2023, although still 6.2% behind 2019 levels.
The expected growth in Malaysia’s Travel & Tourism sector will be bolstered by the government’s recently announced ‘Visit Malaysia 2026’ strategic roadmap, aimed at attracting more travelers from around the world in the coming years.
In 2023, Malaysia’s Travel & Tourism sector saw a significant resurgence, growing by 97.8% to reach MYR 157bn, accounting for 8.6% of the country’s total economic output. While this marked a strong recovery, travel & tourism’s economic contribution remained 19.8% below 2019 levels. The sector also contributed to job creation, with total employment reaching nearly 2.3 million, reflecting a year-on-year increase of 10.8% and matching 2019 levels.
Both international and domestic spending experienced considerable increases in 2023, with international visitor spending reaching MYR 73.3bn and domestic spending rising to MYR 87.6bn, showcasing significant strides towards 2019 numbers.
Looking ahead, the global tourism body forecasts that by 2034, Malaysia’s travel & tourism sector will enhance its annual GDP contribution to reach MYR 336.6bn, constituting 12.1% of the national economy. Employment in the sector is expected to exceed 3.5 million jobs, demonstrating its pivotal role in the national workforce, employing one in six nationals.
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