How Travel and Tourism is Expected to Add USD 206 Billion to the LAC Economy by 2035

Tourism’s Role in Economic Growth

The Travel and Tourism sector is expected to emerge as a major economic contributor in Latin America and the Caribbean (LAC). According to recent estimates by leading organizations, a staggering USD 206 billion could be added to the regional economy over the next decade. This reflects the immense potential for growth in travel-related activities and services, highlighting tourism’s pivotal role as a catalyst for economic development.

Launch of the Tourism Task Force

During the recent Plenary Meeting of the Americas Business Dialogue, the World Travel & Tourism Council (WTTC) joined forces with the Inter-American Development Bank (IDB) to establish a new Tourism Task Force. This initiative aims to elevate the significance of Travel & Tourism across the region. The Task Force’s primary goal is to develop policy recommendations and investment strategies that will bolster economic growth, create jobs, and enhance resilience within LAC’s tourism framework.

A Decade of Transformation: 2025 to 2035

Looking ahead, the potential contributions from the Travel & Tourism sector are noteworthy. Projections indicate that by 2035, the sector could inject approximately USD 944.8 billion into the regional economy. In addition, it is anticipated to support 35.4 million jobs, up from 28.2 million in 2024. The expected increase of 6 million jobs and over USD 206 billion represents a unique opportunity for sustainable and inclusive growth in the tourism landscape.

Current Economic Impact

According to research conducted by Oxford Economics, Travel & Tourism generated USD 714 billion in 2024, which accounted for 10% of the total GDP in LAC. Moreover, the sector supported roughly one in every eleven jobs in the region. The international visitors’ spending reached USD 144.4 billion, serving as a crucial source of export income for various national economies.

Prioritizing Sustainable Growth in LAC

To harness the full potential of Travel & Tourism, the WTTC emphasizes five key enablers essential for sustainable growth:

• Talent and Employment: Developing a skilled workforce to meet the sector’s demands.
• Resilient Infrastructure and Connectivity: Strengthening transportation networks and facilities.
• Digital Transformation: Embracing technology to enhance visitor experiences.
• Business Environment: Creating conducive policies for tourism investments.
• Access to Finance: Facilitating financial support for tourism projects.

This strategic approach is especially crucial given that tourism investment in LAC remains below global benchmarks. It underscores the need for bold reforms, effective regulations, and enhanced collaboration between public and private entities to foster a more investment-friendly environment.

Challenges and Opportunities Ahead

While optimistic forecasts abound, challenges such as investment lags persist. Strengthening the relationship between tourism and domestic policies will be essential for success. The establishment of the ABD Tourism Task Force opens doors to innovative strategies that can position Travel & Tourism as a cornerstone of LAC’s long-term development agenda.

Why Experience Matters in Tourism

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In summary, the potential growth of the Travel & Tourism sector in LAC underscores the importance of strategic investment in experiences that foster socio-economic progress. As the sector continues to evolve, those looking to make unforgettable memories can tap into a rich selection of opportunities offered by a reputable platform like GetExperience.com. Book now to explore the incredible range of experiences available GetExperience.com.