Latin America’s travel and tourism sector is on track to significantly boost the region’s economy in the coming years, according to a new report by the World Travel & Tourism Council (WTTC). The report predicts that the sector will add $260 billion to Latin America’s economy over the next decade, highlighting the potential for growth and development in the region.
The travel and tourism sector plays a crucial role in Latin America’s economy, generating jobs, revenue, and opportunities for local communities. According to the WTTC report, the sector contributed $333 billion to the region’s economy in 2019, accounting for 8.1% of GDP. This figure is expected to rise to $593 billion by 2030, representing 9.1% of GDP.
One of the key drivers of this growth is the increasing demand for travel and tourism in Latin America. The region’s rich cultural heritage, stunning natural landscapes, and vibrant cities attract millions of visitors each year, contributing to the growth of the sector. In addition, improvements in infrastructure, connectivity, and visa policies have made it easier for tourists to visit Latin America, further boosting the sector’s growth.
The WTTC report also highlights the potential for job creation in the travel and tourism sector in Latin America. Currently, the sector supports 17.5 million jobs in the region, accounting for 8.2% of total employment. By 2030, this figure is expected to rise to 25 million jobs, representing 9.4% of total employment. This growth in employment opportunities will not only benefit the local workforce but also contribute to poverty reduction and social development in the region.
In order to realize the full potential of the travel and tourism sector in Latin America, the WTTC report emphasizes the importance of collaboration between governments, businesses, and local communities. By investing in infrastructure, promoting sustainable tourism practices, and improving visa policies, Latin American countries can attract more visitors, create more jobs, and drive economic growth in the region.
Overall, the future looks bright for Latin America’s travel and tourism sector. With the right strategies and investments in place, the region is poised to add $260 billion to its economy over the next decade, creating opportunities for growth, development, and prosperity for all.
