Jeju Province faces tourism volatility and fiscal concerns

Jeju Province is facing economic and fiscal challenges. A report from the Bank of Korea Jeju Branch indicates that extreme weather significantly impacts tourism consumption. Heavy rain causes a decrease in tourism spending by up to 17.1% in natural leisure areas and 13.2% in natural sightseeing areas. Strong winds also lead to reduced spending across all tourism types, including indoor and leisure sectors, as extreme weather often results in flight cancellations or shortened stays.

Simultaneously, the Jeju Provincial Council has raised alarms regarding the province's fiscal health. While overall budget execution improved last year, concerns have grown over rising debt and a decrease in local tax revenue. The effective debt ratio is estimated at 25.73%, with officials aiming to manage the debt ratio within 20% during the current administration.

In other regional news, Gumi City has announced its recruitment for the ‘2026 Gumi Master Craftsmen’ to support skilled technicians in 92 occupations, providing financial incentives and recognition to those contributing to local industrial development.