With more than 20 million foreign tourists expected to visit South Korea this year, new data shows that their spending may help increase domestic consumption by about 29 trillion won, or some 20-point-two billion U.S. dollars, new data showed Thursday.

According to a report released by the Hyundai Economic Research Institute, analysis using real gross domestic product per capita, the real effective exchange rate, and average spending per foreign tourist in major countries showed the number of foreign visitors is projected to increase by 290,000 this year, the largest figure ever.

As a result, tourism income is estimated to reach about 29-point-four trillion won, or two-point-five percent of last year’s nominal domestic consumption.

Considering the direct and indirect ripple effects, the institute said the influx of international arrivals will contribute significantly to boosting the domestic economy at a time when consumption is sluggish.

Researchers at the institute emphasized the need to promote more foreign tourism, establish a balanced tourism consumption base nationwide, and actively pursue related job creation efforts.