Latin America : Tourism to boost region’s economy by US$260 BN over next decade
Travel Biz News —
Latin American (LATAM) Travel & Tourism sector could add nearly US$260 billion to the region’s economy and create nearly eight million new jobs over the next 10 years , according to a report of World Travel & Tourism Council (WTTC) and VFS Global.
According to the report, ‘Unlocking Opportunities for Travel & Tourism Growth in LATAM’, this potential growth is dependent on three key policies to unlock annualised growth of 3.4%, reaching a contribution of nearly US$909.2 billion.
The report includes a policy package focused on improving LATAM’s growth based on transport infrastructure, visa facilitation, and tourism marketing.
Travel & Tourism is a powerhouse sector in the region, with a contribution of more than US$629 BN to the region’s economy in 2023, welcoming 86 million international travellers.
The sector was essential for employment last year, providing livelihoods to more than 24.6 million people, equating to 9% of all the jobs in the region.
This year 2024 is projected to be a record-breaking year, achieving a GDP contribution of more than US$650 billion, as well as the creation of an additional one million jobs, raising the total to 25.7 million.
Latin America includes 21 countries or territories: Mexico in North America; Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica and Panama in Central America; Colombia, Venezuela, Ecuador, Peru, Bolivia, Brazil, Paraguay, Chile, Argentina and Uruguay in South America; and Cuba, Haiti, the Dominican Republic and Puerto Rico , according to Wikipedia.
August 2024 Photo : WTTC
