Monday, July 1, 2024 The World Travel & Tourism Council (WTTC) , together with VFS Global, disclosed that the Travel & Tourism sector in Latin America (LATAM) could potentially enhance the regional economy by nearly US$260 billion and create approximately eight million new jobs within the coming decade. The study, titled ‘Unlocking Opportunities for Travel & Tourism Growth in LATAM’, suggests that achieving this growth would require adherence to three pivotal policies, potentially elevating the sector’s economic impact to nearly US$909.2 billion annually, a growth rate of 3.
4%. The strategic focus of the policy package includes enhancing transport infrastructure, streamlining visa processes, and amplifying tourism marketing efforts. In 2023, the Travel & Tourism sector significantly influenced the region’s economy, generating over US$629 billion and welcoming 86 million international visitors.
The sector played a crucial role in job creation, employing over 24.6 million individuals, representing 9% of the total jobs in the region. The document also explores the sector’s resilience through various adversities, such as the 2008 Global Financial Crisis, health pandemics, and political turmoil, demonstrating its recovery trajectory.
Julia Simpson, WTTC President & CEO, said : “LATAM’s Travel & Tourism sector has witnessed an extraordinary transformation. In the past years, it has grown significantly, contributing immensely to the region’s economy. “Growth potent.
