Malaysia's Travel & Tourism Sector Set for Record Growth in 2024

3 July 2024

The World Travel & Tourism Council (WTTC) projects a remarkable year for Malaysia's Travel & Tourism sector in 2024, with economic contributions, employment, and visitor spending expected to surpass pre-pandemic levels.

The sector's contribution to Malaysia's national economy is forecasted to reach MYR 198.7 billion, exceeding 2019's figures by 1.6% and representing 10.5% of the economy. Employment in the sector is expected to grow by 5.2% to over 2.4 million jobs, surpassing the 2019 peak.

Domestic visitor spending is predicted to hit MYR 106.5 billion, while international visitor expenditure is set to reach MYR 93.7 billion, a 27.8% increase from 2023.

This growth aligns with the government's 'Visit Malaysia 2026' roadmap, aiming to attract more global travellers.

Looking ahead, the WTTC forecasts that by 2034, Malaysia's Travel & Tourism sector could contribute MYR 336.6 billion to the GDP, employing over 3.5 million people, or one in six Malaysians. Across Southeast Asia, the sector is expected to grow by 20.6% this year, with continued expansion over the next decade.

Source