In 2024, the travel and tourism sector will contribute 385.9 billion dollars to the gross domestic product (GDP) of Latin America, which will imply a growth of 6 percent compared to what was reported in 2019, the year before the pandemic. anticipated the World Travel and Tourism Council (WTTC).
According to the most recent study carried out by the international organization, together with Oxford Economics, at the end of this year the sector will provide one in every 12 jobs in the region, for a total of 18 million 200 thousand jobs.
The study predicts that the spending of international visitors in Latin America will reach an amount of 60.5 billion dollars, an increase of 5.5 percent compared to the pre-pandemic period and 11 percent compared to 2023.
Meanwhile, domestic tourism, one of the drivers of the sector’s recovery in the region in recent years, could reach an expenditure of 226 billion dollars, which will represent an increase of 7.5 percent compared to 2019.
The study also shows that in 2023 the travel and tourism sector contributed $367.4 billion to Latin America’s GDP, $3.7 billion more than in 2019, and represented 7.8 percent of the region’s total economy. .
According to the study, the sector generated 110 thousand more jobs than in 2019.
The projection for the travel and tourism sector for 2024 is very optimistic; It is a reflection of the region’s enormous potential to boost economic development and generate job opportunities. The growth of tourism in Latin America not only exceeds pre-pandemic figures, but also demonstrates the adaptability of the sector
said Julia Simpson, president and CEO of WTTC.
The analysis also estimates that by 2034 the sector will contribute 498 billion dollars to the region’s economy, 8.3 percent of the regional GDP.
Likewise, it will constitute a pillar for the generation of jobs, as it will provide employment to 22 million 43 thousand people; Thus, 9.6 percent of the Latin American workforce will be concentrated in the travel and tourism sector.