- Malaysia’s Travel & Tourism contribution expected to reach MYR 198.7BN in 2024
- Employment in the sector projected to rise to over 2.4 million jobs
- Domestic visitor spending forecasted to exceed 2019 levels by 21.6%
Malaysia’s Travel & Tourism sector is on track for a remarkable year, with its economic contribution projected to reach MYR 198.7 billion in 2024, surpassing pre-pandemic levels by 1.6%. This growth highlights the sector’s importance, now accounting for 10.5% of the national economy.
Visitor spending is forecast to see substantial growth, particularly in domestic tourism. Domestic visitor spending is projected to reach MYR 106.5 billion, a notable 21.6% increase from 2019 levels.
Malaysia’s Tourism Boom: Record Economic Impact and Job Growth in 2024
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) underscores the strong recovery and growth trajectory of Malaysia’s Travel & Tourism sector. The sector’s contribution to the national economy is anticipated to reach MYR 198.7 billion this year, representing 10.5% of the total economy and surpassing 2019’s pre-pandemic levels by 1.6%.
Employment in the Travel & Tourism sector is projected to exceed 2.4 million jobs in 2024, marking a 5.2% increase from the previous year and a 5.3% rise from the 2019 peak. This growth reflects the sector’s pivotal role in Malaysia’s workforce and its importance in the national economy. The sector’s recovery has been driven by both domestic and international tourism, with domestic visitor spending expected to reach MYR 106.5 billion, a significant 21.6% increase from 2019 levels.
International visitor expenditure is also set to grow substantially, reaching MYR 93.7 billion, up 27.8% from 2023. Despite this growth, it remains slightly below the 2019 levels by 6.2%, indicating room for further recovery and expansion. The Malaysian government’s ‘Visit Malaysia 2026’ strategic roadmap is expected to play a crucial role in attracting more international tourists and driving further growth in the sector.
In the broader Southeast Asian context, the Travel & Tourism sector is expected to see significant growth, reaching MYR 1.73 trillion in 2024, representing 9.7% of the region’s economy. Employment in the sector across Southeast Asia is projected to grow by 5.6%, surpassing 42 million jobs. The WTTC forecasts continued robust growth over the next decade, with the sector’s GDP contribution in the region expected to reach MYR 2.95 trillion and employment exceeding 56.5 million jobs.
Malaysia’s Travel & Tourism sector is poised for a record-breaking year in 2024, with significant growth in economic contribution, employment, and visitor spending, driven by strategic government initiatives and robust domestic and international tourism recovery.
“The growth in Malaysia’s Travel & Tourism sector highlights the government’s commitment to making tourism a cornerstone of economic development.”
– Julia Simpson, WTTC President & CEO
