Malaysia’s Travel & Tourism sector is having a remarkable year of growth in 2024, according to the latest Economic Impact Research (EIR) from the World Travel & Tourism Council (WTTC). Projections indicate that the sector’s economic contribution, employment opportunities, and domestic visitor spending are set to break all previous records this year.

The forecasted data reveals that Malaysia’s Travel & Tourism sector will contribute MYR 198.7 billion to the national economy in 2024, surpassing pre-pandemic levels from 2019 by 1.6%. This contribution represents 10.5% of Malaysia’s overall economic output, highlighting the sector’s critical role in the country’s economic landscape.

In terms of visitor spending, domestic expenditures are expected to reach MYR 106.5 billion, surpassing 21.6% of 2019 levels. Meanwhile, international visitor expenditure is anticipated to hit MYR 93.7 billion, reflecting a robust 27.8% growth from 2023 figures, though still slightly below the 2019 benchmarks.

The projected growth of Malaysia’s Travel & Tourism sector in 2024 is complemented by the government’s recently announced ‘Visit Malaysia 2026’ strategic roadmap. This initiative aims to attract a higher influx of travelers from around the globe over the coming years, further bolstering the sector’s expansion prospects.

Employment within the Travel & Tourism sector is also expected to see a significant uptick, with job numbers projected to rise to over 2.4 million in 2024. This marks a 5.2% increase compared to the previous year and a notable 5.3% increase above the 2019 peak, underscoring the sector’s role as a major employer in Malaysia.

Reflecting on the sector’s performance in 2023, Malaysia witnessed a notable resurgence with Travel & Tourism growing by an impressive 97.8%, reaching MYR 157 billion. This accounted for 8.6% of the nation’s total economic output, marking a robust recovery while still remaining 19.8% below 2019 levels.

The sector’s contribution to job creation in 2023 was equally significant, with total employment reaching nearly 2.3 million, reflecting a year-on-year increase of 10.8% and aligning with 2019 levels.

Looking ahead, WTTC forecasts Malaysia’s Travel & Tourism sector to continue its upward trajectory, projecting an annual GDP contribution of MYR 336.6 billion by 2034, constituting 12.1% of the national economy. Employment opportunities are expected to exceed 3.5 million jobs, highlighting the sector’s pivotal role in Malaysia’s workforce.

Across Southeast Asia, the Travel & Tourism sector is poised to grow by 20.6% in 2024, reaching MYR 1.73 trillion, and representing 9.7% of the region’s economy, surpassing pre-pandemic peaks. With international spending forecasted to grow by 33.2% and domestic spending by 15.8%, the region is set for substantial economic gains in the years to come.

WTTC’s long-term projections indicate a robust growth trajectory for Travel & Tourism across Southeast Asia, with GDP contributions expected to reach MYR 2.95 trillion and job creation exceeding 56.5 million by the end of the decade.

The outlook for Malaysia’s Travel & Tourism sector remains optimistic, driven by strategic initiatives, robust growth forecasts, and a resilient commitment to enhancing the country’s global tourism appeal.