South Korean President's idea to boost the country's local economy with residents spending more on domestic travel failed badly.
South Korean President Moon Jae-in had always stressed on work-life balance in the lives of his countrymen. And true to his words, President Moon decided to give a consecutive 10-day national holiday to South Korea’s 51 million residents from September 30. Idea was to boost the country’s local economy with residents spending more on domestic travel failed badly. Instead, according to a Forbes report, a majority of the wealthy and middle-class Koreans spent their money on travelling to international destinations like Japan, Thailand, China, the US and Europe rather than spending them on hotels, shopping and other leisure activities in their own country. Clearly, it left the president shocked and the economy in worse condition than before!
Experts feel that while President Moon’s move is commendable, formidable steps need to be taken by the Korean government to achieve better results. Speaking to Korea Times; Lee Geun-tae, an economist at LG Economic Research Institute, said that the Korean government should improve domestic leisure and culture industries to ensure that the Koreans stay at home for their vacation time.
According to a Korea Times report, in the second quarter this year, more than six million Koreans travelled abroad and spent around 3.9 to 4.7 percent of their income on overseas travel.