Thursday, July 18, 2024 The World Travel & Tourism Council (WTTC), in collaboration with VFS Global, has released a report indicating that the Travel & Tourism sector in Latin America (LATAM) could add nearly US$260 billion to the region’s economy and create almost eight million new jobs over the next decade. The report, titled “Unlocking Opportunities for Travel & Tourism Growth in LATAM,” outlines the potential for annualized growth of 3.4%, which would result in the sector’s contribution reaching nearly US$909.
2 billion. Key policies identified to achieve this growth include improvements in transport infrastructure, visa facilitation, and tourism marketing. In 2023, Travel & Tourism contributed more than US$629 billion to LATAM’s economy, welcoming 86 million international travelers and providing livelihoods to over 24.
6 million people, which accounts for 9% of all jobs in the region. Julia Simpson, World Travel & Tourism Council President & CEO, emphasized the need for better transport infrastructure, simplified visa processes, improved protection for biodiversity, and effective marketing campaigns to unlock the sector’s potential. Zubin Karkaria, Founder and CEO of VFS Global , highlighted the importance of simplifying cross-border mobility through secure and innovative technology solutions.
VFS Global aims to support LATAM destinations in upskilling their workforce, a crucial component in the tourism sector. The report outlines a strategic approach to enhance tourism by integrating investments in infrastructure, improving air connectivity, and simplifying visa procedures. By focusing on these areas, LATAM can attract more tourists and ensure the sector’s growth is both sustainable and inclusive.
2024 is projected to be a record-breaking year for LATAM’s Travel & Tourism sector, with a GDP contribution expected to exceed US$650 billion and the creation of an additional one million jobs. For more detailed insights, the full report can be accessed on the WTTC Research Hub. The World Travel & Tourism Council (WTTC) represents the global travel and tourism private sector.
Members include 200 CEOs, Chairs, and Presidents of the world’s leading travel and tourism companies. WTTC has been committed to raising awareness of the economic and social significance of the travel and tourism sector for more than 30 years..
