Travel and Tourism’s Economic Forecast in LAC Over the Next Decade

Tourism’s Economic Potential in LAC

The World Travel & Tourism Council (WTTC), together with the Inter-American Development Bank (IDB), has revealed high expectations regarding the economic contributions of the travel and tourism sector in Latin America and the Caribbean (LAC) over the next decade. This partnership is launching the Tourism Task Force to establish travel and tourism as a significant catalyst for growth, job creation, and resilience in the region.

The Task Force Initiative

Scheduled to convene through 2025, the Task Force aims to provide critical policy recommendations and investment strategies. The conclusion of their efforts is set to be unveiled at the CEO Summit of the Americas in Punta Cana this December. A detailed roadmap will guide regional collaboration in fostering the travel and tourism sector.

Growing Importance of Travel & Tourism

Recent data underscores the vital role of travel and tourism in the economic landscape of LAC, with the sector contributing approximately US$714 billion to the economy in 2024. This accounts for around 10% of LAC’s GDP and supports about 28.2 million jobs, equating to one in every eleven jobs across the region. Notably, international visitors contributed US$144.4 billion in spending last year, marking a crucial source of export income for numerous national economies.

A Decade of Opportunities

Looking forward, projections indicate that by 2035, the travel and tourism sector could contribute as much as US$944.8 billion to the regional economy. This translates to an increase of US$206 billion in economic value and the creation of 6 million new jobs, emphasizing the sector’s potential to facilitate inclusive and sustainable growth.

Key Areas for Sustainable Growth

To fully harness this potential, the WTTC identifies several critical enablers for sustainable tourism growth within LAC:

• Talent and Employment: Nurturing a skilled workforce.
• Resilient Infrastructure & Connectivity: Enhancing transport links and facilities.
• Digital Transformation: Adapting to technological advancements.
• Business Environment: Advocating for favorable policies.
• Access to Finance: Boosting investment in tourism-related ventures.

Challenges to Overcome

Despite these promising insights, the region faces ongoing challenges. Investment in tourism still lags behind global standards, necessitating significant reforms and stronger cooperation between the public and private sectors to create a friendlier investment landscape.

The Role of LocalsRide in Travel Planning

As the tourism landscape in LAC evolves, platforms like LocalsRide.com become essential resources. Catering to various travel needs, LocalsRide enables users to select specific vehicles, view detailed information like make and model, and enjoy unmatched transparency in booking personalized transfers. In this context, hiring a vehicle with a driver through LocalsRide not only enhances travel experiences but promotes local economies directly.

Conclusión

In summary, the travel and tourism sector in LAC is poised for significant growth over the next decade, driven by collaborative efforts like the Tourism Task Force and the innate capacity of the sector to create jobs and stimulate economies. Even the most comprehensive reviews of tourism potential cannot rival the insights gained from personal experience. With LocalsRide, hiring a car with a driver from verified providers at reasonable prices is just a click away, ensuring informed decisions without unnecessary expenses or disappointments. Consider the convenience, affordability, and extensive vehicle choices offered by LocalsRide.com for your next trip. Book your ride with LocalsRide today!