Travel and Tourism in Latin America and the Caribbean Poised for Economic Growth

A New Era for Travel & Tourism

The partnership between the World Travel & Tourism Council (WTTC) and the Inter-American Development Bank (IDB) has introduced a fresh perspective on the importance of the travel and tourism sector in Latin America and the Caribbean (LAC). The recent establishment of the Tourism Task Force seeks to position travel as a critical driver for economic growth and job creation across the region.

Objectives of the Task Force

This Task Force aims to convene throughout 2025 to devise policy recommendations and investment strategies. By the end of the year, conclusions will be presented at the CEO Summit of the Americas in Punta Cana, establishing a framework for regional cooperation in travel and tourism.

Travel & Tourism: Economic Contributions

The latest figures from the WTTC reveal that in 2024, travel and tourism contributed a staggering USD 714 billion to the LAC economy, equating to roughly 10% of the region’s overall GDP. This vibrant sector continues to be a substantial source of employment, supporting around 28.2 million jobs, which is nearly one in eleven jobs in LAC. Moreover, international visitors generated USD 144.4 billion in spending last year, highlighting its significance as an export income source for several countries.

Key Quotes on the Sector’s Impact

WTTC’s VP of Policy, Christopher Imbsen, emphasized that travel and tourism represent a powerful lever for inclusive growth within this region, pointing out, “The region has a generational opportunity to put travel and tourism at the core of its developmental agenda.” His statement underlines the broad consensus on harnessing tourism’s potential for sustainable growth. Similarly, IDB Sector Manager Fabrizio Opertti remarked on the launch’s significance, marking a milestone in integrating tourism into economic strategies for the region.

Looking Ahead: Projections to 2035

Forecasts indicate that by 2035, the travel and tourism industry could contribute roughly USD 944.8 billion to the LAC economy while providing over 35.4 million jobs. This increase, amounting to an additional USD 206 billion in economic value, is projected to create around 6 million new jobs, showcasing the sector’s remarkable scalability.

Core Enablers for Growth

To unlock future potential, the WTTC has identified five crucial enablers essential for sustainable tourism growth:

• Talent and Employment
• Resilient Infrastructure & Connectivity
• Digital Transformation
• Business Environment
• Access to Finance

Despite these opportunities, several challenges remain, particularly in tourism investment across LAC, which often falls short of global benchmarks. Cultivating a more investment-friendly environment through bold reforms and enhanced collaboration between public and private sectors will be vital.

The Tourism Task Force: A Catalyst for Long-Term Development

The current momentum surrounding the Task Force presents a unique opportunity to infuse travel and tourism initiatives to bolster long-term economic strategies throughout LAC. Prioritizing tourism effectively can ignite job creation and establish a stronger foundation for future growth.

A Summary of Key Points

In summary, the travel and tourism sector is positioned as a crucial element for economic revitalization in LAC. It is anticipated that significant investments in this sphere will yield transformative benefits for local communities and economies alike, given the right strategies and support systems are adopted.

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