World Travel and Tourism Council report says regional sector will grow in 10 years, creating 8 million jobs
Tourism in Latin America is expected to boost the regional economy by US$260 billion over the next 10 years. The estimated growth is 2.3% per year, according to the World Travel and Tourism Council (World Travel & Tourism Council, WTTC, in English).
The sector is expected to create 8 million jobs during this period. As a result, the total economic contribution of travel and tourism could reach US$852 billion by 2034 in global GDP (Gross Domestic Product).
The report describes Latin tourism as dependent on domestic travelers, but says countries need to prioritize improvements in infrastructure and transportation.
- internal expenses: US$417.4 billion in 2023. A figure that represents 82.8% of total travel and tourism spending in the region;
- international travelers: made up 17.2%, totaling US$86.5 billion (including intraregional travel).
In 2024, the sector’s growth compared to 2023 is expected to be 3.4% (US$95.3 billion). Leisure travel made up 89% of spending, while business travel accounted for 11%. Here is the full (PDF—20 MB in English).
“The travel and tourism sector in Latin America has witnessed an extraordinary transformation. In recent years, it has grown significantly, contributing immensely to the region’s economy”says Julia Simpson, President and CEO of WTTC.
The report also showed that Latin America has recovered better than the world average. Suriname and Venezuela are the ones that are expected to take the longest for the sector to officially return to the same level as before the pandemic.
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