WTTC says tourism will contribute US$319.5 billion to Latin America's economy 

18-05-23

• Travel and tourism industry to generate 17 million jobs by 2023, says WTTC

In the Dominican Republic the picture is similar. The Dominican Central Bank (CB) registers 186,213 formal jobs in hotels, bars and restaurants until December 2022 - External source.

Tourists choose to sunbathe on the beaches of Cancun or go hiking in Bariloche; visit Machu Picchu; dance until dawn in Rio de Janeiro; walk in the Comuna 13 or stay overnight in an all-inclusive hotel in Punta Cana, are some of the options made by tourists in Latin America and the Caribbean.

Diversification is attracting new consumers who are interested in getting away from the big cities and connecting with the local population. Whatever the type of tourism, this industry contributes to the gross domestic product (GDP) of nations.

This idea is evidenced by the contribution of US$319.5 billion to the region's economy in 2023, up 5.5% from the US$302.6 billion reported in 2021, according to the World Travel and Tourism Council (WTCC).

Against this backdrop, WTTC executive director Julia Simpson said the industry is demonstrating its resilience and people's enduring desire to travel. And no wonder. Travel is synonymous with leisure, which means budgeting for activities. In 2022, spending by foreign visitors stood at US$50.8 billion, but this amount by locals generated US$181 billion, for a difference of US$130.2 billion.

From checking in to offering an excursion, human capital is paramount to providing a comprehensive tourist experience. According to the data, the sector generates 17 million jobs, 3.6% more than the 16.4 million jobs reported in 2022..