WTTC forecasts a growth of 48% in the Tourism GDP of Latin America during 2022
The World Travel and Tourism Council (WTTC) estimated that the contribution of the travel and tourism sector to Latin America’s GDP could reach 233 billion dollars this year; that is, a growth of 48.2% compared to 2020.
According to the most recent WTTC research in 2019, the travel and tourism sector in Latin America contributed 267 billion dollars to GDP (8.1% of the economy of the region ). However, in 2020, when the pandemic severely impacted the industry, its contribution fell by 41.1%, that is, to 157 billion dollars.
As the global economy begins to recover from the devastating effects of the pandemic, jobs in the tourism sector could gradually recover this year.
If travel restrictions begin to relax and vaccination programs continue to advance, by 2022 the jobs generated by the travel and tourism sector could reach 16 million jobs, 22.8% more than in 2020. To do this, It will be important that significant steps are taken to accelerate the recovery of this sector. It should be noted that the forecast growth for tourism GDP in Latin America for this 2022 is still 12.7% below pre-pandemic levels.
Julia Simpson, President and CEO of WTTC, said: “In recent years, the Travel & Tourism sector in Latin America has been seriously affected. However, our latest research shows that 2022 could bring a strong recovery for the sector and the World economy”.
In addition, Simpson assured that, “Millions of jobs depend on the revival of the travel and tourism sector, but there is still work to be done if we want to achieve a full economic recovery and recover all the lost jobs.”
According to the same WTTC research, the contribution of the global travel and tourism sector to the world economy could reach 8.6 trillion dollars during 2022, only 6.4% below pre-pandemic levels.
Likewise, the sector could generate 58 million jobs this year, to reach the amount of more than 330 million jobs; that is, only 1% below pre-pandemic levels and 21.5% compared to 2020.
The world body urges governments to get rid of the mosaic of restrictions and allow international travel, using digital solutions that allow tourists to travel quickly, simply and safely.
