The tourism economy in Latin America could reach $260 billion and create nearly eight million new jobs over the next 10 years. This is revealed by an analysis of World Travel & Tourism Council (WTTC), in collaboration with VFS Global.
Key policies
According to the report “Unlocking Opportunities for Travel & Tourism Growth in Latam“, this potential growth depends on three key policies to unlock annual growth of 3.4%, reaching a contribution of approximately $909.2 billion. The report includes a policy package focused on improving the growth of the countries in the area, based on transport infrastructure, visa facilitation and tourism marketing. Travel and tourism is a leading sector in the region, contributing more $629 billion to the region’s economy in 2023welcoming 86 million international travellers. Last year, the sector was a key source of employment, supporting more than 24.6 million people, or 9% of all jobs in the region.
The transformation
Julia Simpson, CEO of WTTCsaid: “The travel and tourism sector in Latam has witnessed a extraordinary transformation. It has grown significantly in recent years, contributing immensely to the region’s economy. The growth potential of travel and tourism in Latam is significant – he continued -. It has already seen substantial growth since 2000, and with the right policies, it could unlock another $260 billion over the next decade. Countries in the region need better transport infrastructure, simplified visa procedures, greater protection of biodiversity and nature, and effective marketing campaigns to highlight the richness of destinations in this vibrant region, she stressed.
Zubin Karkaria, Founder and CEO of VFS Global, said: “Since we established our presence in Latam in 2009, we are now the trusted partner of 18 governments and serving 29 cities in 17 countries in the region. Vfs Global, with its expertise in visa services and tourism promotion, is committed to playing a central role in unlocking the potential of the region. According to the world body, 2024 is expected to be a record year, contributing more than $650 billion to GDP and creating an additional one million jobs, for a total of 25.7 million.
Tags: Vfs Global, Wttc
