Home Industry Travel & Tourism in LAC Set to Add US$206BN to Regional Economy Over the Next Decade, Says WTTC
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Travel & Tourism in LAC Set to Add US$206BN to Regional Economy Over the Next Decade, Says WTTC

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Travel & Tourism in LAC Set to Add US$206BN to Regional Economy Over the Next Decade, Says WTTC
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WTTC Forecasts Tourism Surge in LAC

WTTC Forecasts Tourism Surge in LAC

The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank (IDB), announced the launch of the Tourism Task Force during the Plenary Meeting of the Americas Business Dialogue (ABD). This public-private platform aims to position Travel & Tourism as a crucial driver of growth, job creation, and resilience throughout Latin America and the Caribbean (LAC).

The Task Force will meet regularly throughout 2025 to develop policy recommendations and investment strategies. In December, its findings will be presented at the CEO Summit of the Americas in Punta Cana, providing a framework for regional collaboration in the Travel and Tourism sector.

The launch occurs at a crucial time as WTTC reveals new data showcasing the increasing significance of the Travel & Tourism sector to the region’s economic well-being.

Travel & Tourism: A Key Asset for LAC 

WTTC Forecasts Tourism Surge in LAC

According to the latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, the Travel and Tourism sector contributed $714 billion to the Latin America and Caribbean (LAC) economy in 2024, representing 10% of the region’s total GDP. Additionally, it supported 28.2 million jobs, which is equivalent to one in every eleven jobs in the region.

Last year, international visitors spent $144.4 billion, providing a crucial source of export income for many national economies.

Christopher Imbsen, WTTC VP Policy, said: “Travel & Tourism is one of the most powerful levers for inclusive economic growth in Latin America and the Caribbean.

 

“The region has a generational opportunity to put Travel & Tourism at the centre of their development agenda. With the ABD Task Force now in place, we can drive smarter investment, unlock growth, and deliver jobs and opportunity at scale.”

 

Fabrizio Opertti, IDB Sector Manager of Productivity, Trade, and Innovation, said: “This launch marks a milestone in the integration of tourism into the productive agenda of the IDB and IDB Invest, recognizing its transformative potential for the region. In collaboration with our private sector partners and WTTC, we are working to deliver concrete results: more investment, jobs, and regional growth.”

A Decade of Opportunity: 2035 Projections 

Looking ahead, the next decade offers unprecedented opportunity. By 2035, the Travel & Tourism sector could contribute US$944.8 billion to the regional economy and support more than 35.4 million jobs. Compared to 2025, this would represent an additional US$206 billion in economic value and 6 million new jobs, reflecting the sector’s unique ability to scale inclusive and sustainable growth.

Priorities for Action and Growth 

WTTC Forecasts Tourism Surge in LAC

WTTC emphasizes five key factors for sustainable tourism growth in LAC: talent and employment, resilient infrastructure and connectivity, digital transformation, a supportive business environment, and access to finance.

Despite ongoing challenges, tourism investment in LAC still lags behind global standards. Establishing a more investment-friendly environment is essential, requiring bold reforms, better regulation, and enhanced collaboration between the public and private sectors.

With the ABD Tourism Task Force now active, the region has a unique opportunity to centre travel and tourism in its long-term development agenda.

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Written by
Priyal Dutta - Senior Correspondent/Content Writer

I create compelling stories that showcase the travel, hospitality, and lifestyle industries. At Safari India, I explore industry trends, write insightful articles, and produce content that informs and engages readers. With a talent for storytelling and a strategic approach, I strive to inform, inspire, and spark meaningful conversations through my work.

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