Wednesday, May 31, 2023

By the end of this year, tourism will represent 7.9% of the Latin American economy

According to the Annual Report on the Economic Impact of World Travel and Tourism, the tourism sector will represent 7.9% of the Latin American economy by the end of 2023, contributing $319.5 billion to the regional economy and more than 17 million jobs. Council (WTTC).

The region’s economic contribution to Latin America’s GDP will exceed pre-pandemic levels, up 1.2% from 2019, while employment projections are up 0.1% from the same year and 17.7% in 2021, As reported. entity in one statement.

“The Latin American travel and tourism sector continues to improve, demonstrating its resilience and the enduring desire of people to travel,” said WTTC President and CEO Julia Simpson, who projected that, “by the end of the year, The sector’s contribution to the regional economy will exceed 2019 levels.”

“We expect 2023 to be the year of the long-awaited recovery of the sector in Latin America,” he highlighted.

The same report projects that foreign tourist spending is expected to reach $50.8 billion in 2022, an increase of nearly 130% over 2021, while domestic tourism spending is expected to increase by 26.7% to more than $181 billion.

Globally, despite economic and geopolitical difficulties, the travel and tourism sector continued to recover slowly in 2022, with it managing to grow by 22% compared to 2021, in its contribution to GDP reached $7.7 trillion.

As a result of this reform, the sector was to account for 7.6% of the global economy in 2022, the industry’s largest contribution since 2019, although its contribution to global GDP was still down 22.9% from that year’s levels.

Due to the pandemic, more than 71 million jobs were lost in this sector across the world.

However, thanks to a gradual improvement in travel, it was possible to reach 295 million jobs in 2022, i.e. one in 11 jobs worldwide.

According to the work, 34 of the 185 countries analyzed have already passed pre-pandemic levels in terms of their contribution to GDP.

Furthermore, according to research conducted by WTTC in collaboration with Oxford Economics, the global travel sector is also forecasting a 96% recovery in its employment levels compared to 2019, with 24 million new jobs being created this year.

The WTTC estimates that by the end of 2023, about half of the 185 countries will have fully recovered to pre-pandemic levels or be within 95% of full recovery.

Nation World News Desk
Nation World News Desk
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