The latest report by the World Travel & Tourism Council (WTTC) predicts a significant economic boost for the Travel and Tourism sector in Latin America over the next decade as the region’s economy could see an inflow of nearly $260 billion and the creation of almost eight million new jobs.
The report also states that this potential growth depends on implementing three key policies: improved transport infrastructure, visa simplification and strong tourism marketing. These measures are expected to unlock an annual growth rate of 3.4 percent, ultimately contributing nearly $909.2 billion to the region’s economy, VisaGuide.World reports.
Growth potential for Travel and Tourism in LATAM is significant. It has already seen substantial growth since 2000, and with the right policies it could unlock an additional US$260 billion in the next decade.
As the WTTC report further reveals, the tourism sector was essential for employment last year, providing jobs to more than 24.6 million people and thus representing nine percent of all the jobs in the region.
During the same period, Travel and Tourism in Latin America contributed more than US$629 billion to the region’s economy, attracting 86 million international travelers.
2024 to Hit New Records to Its Economy Contribution & Creation Jobs
Moreover, the authority projects that 2024 will be a record-breaking year for Latin America, with a GDP contribution of more than US$650 billion and the creation of an additional one million jobs, raising the total to 25.7 million.
This comprehensive report serves as a roadmap for stakeholders, including governments and National Tourism Boards, to formulate strategies that unlock the continent’s economic potential, attract crucial investments, and boost inbound arrivals. The region stands to gain significantly from our experience in simplifying cross-border mobility through highly secure, reliable, efficient, and innovative technology solutions.
Latin America Aims to Exceed 2019 Levels of Tourist Arrivals
A previous report from WTTC also showed that in 2024, Latin America was expected to surpass pre-pandemic levels in terms of international tourist numbers.
The same source said the region was ready to receive 12 percent more foreign visitors in the first half of this year compared to 2019 figures.
Several destinations that were expected to see an increase in tourist arrivals over 2019 levels during the first half of 2024 were as follows:
- El Salvador (157 percent)
- Nicaragua (142 percent)
- Guatemala (52 percent)
- Honduras (49 percent)
- Costa Rica (35 percent)
- Mexico (31 percent)
- Colombia (23 percent)