It will be fundamental for the economic recovery of the region after the coronavirus
The travel and tourism industry generated revenues of more than 274,000 million euros in Latin America in 2019, contributing with 16.9 million jobs in the region, a figure that according to the World Tourism Council assumes that this industry will be essential for recovery economic growth of the region once the Covid-19 pandemic has been overcome.
The Annual Economic Impact Report of the World Tourism Council (WTTC) – reveals the importance of the sector for the development of nations around the world, especially at this delicate moment of world economic development.
In 2019, the travel and tourism sector generated 16.9 million jobs, that is, 7.9% of the total workforce in Latin America. It also contributed more than 274,000 million euros of GDP, which represented 8.1% for the Latin American economy, a growth of 1.6% compared to 2018.
The World Tourism Council highlights the importance of the travel and tourism sector for the Latin American economy, and its vital participation in the process of economic recovery in the region. Also highlighted is its ability to generate new jobs and drive visitors back to destinations, having a positive economic ripple effect on suppliers large and small throughout the industry.
«Therefore, it is crucial that all Latin American governments help protect travel and tourism as the backbone of the regional and global economy, which is currently in a fight for survival, with up to 75 million jobs in immediate risk of disappearing, «said Gloria Guevara, president of the WTTC
Argentina and the United States had the highest number of arrivals in America, representing 20% and 14% respectively, during 2019. Brazil followed with 6%, along with Chile and Bolivia.
Meanwhile, the United States registered the highest number of departures (14%), with Argentina in second place (11%), Chile is in third place (10%), followed by Brazil (9%) and Uruguay (6%) .
Globally, the travel and tourism sector outperformed the global GDP growth rate of 2.5% for the ninth consecutive year, thanks to an annual GDP growth rate of 3.5%. This made it the third highest economy in terms of GDP growth.
Furthermore, the study shows that the industry supported one in ten jobs, registering a contribution of 10.3% to global GDP and generating a quarter (one in four) of all new jobs.
GREAT GROWTH IN ASIA-PACIFIC
A breakdown by the WTTC shows that Asia-Pacific is the highest performing region in the world, with a growth rate of 5.5%, followed by the Middle East with 5.3%. Meanwhile, the United States reported a growth rate of 3.4% and the European Union 2.4%.
The Caribbean region also showed signs of positive growth. Dominica Republic proved to be the country with the fastest GDP growth rate for travel and tourism in the world, with 43.6%, followed by Anguilla with 19%. Other countries that demonstrated high levels of performance included Saint Kitts and Nevis, Barbados, and the island of Puerto Rico.