WTTC: Travel and tourism sector to contribute more than US$91 billion to the Caribbean economy
The World Travel & Tourism Council (WTTC) projects that by the end of 2024, the Caribbean travel and tourism sector will contribute more than US$91 billion to its GDP, exceeding the figure recorded during 2023 by 7.4%.
According to the Economic Impact Research (EIR) 2024, prepared by the global tourism body in association with Oxford Economics, by the close of 2024, the sector will account for nearly 3 million jobs in the region, or 15.7% of all jobs in the Caribbean.
In addition, spending by international visitors is expected to reach US$45 billion, which represents an 8.8% growth compared to 2023 levels.
Likewise, the global body forecasts that domestic tourism spending will reach an all-time high of US$22.4 billion, or a 3.7% increase versus 2019.
A look back to 2023
According to WTTC’s analysis, in 2023 the Caribbean travel and tourism sector recorded a contribution of US$85 billion to the regional economy, or an increase of 14.5% over the previous year. Last year, the sector accounted for 11.4% of the regional economy.
During 2023, the activity also strengthened its workforce with more than 190 thousand additional jobs over the previous year, reaching a total of 2.75 million jobs throughout the Caribbean.
International spending continued to grow and reached US$41.4 billion, 18.5% above 2022.
Meanwhile, domestic tourism spending was US$21.4 billion, up 7.1% year-on-year, and only 0.8% below the 2019 figure.
Julia Simpson, President and CEO of WTTC, said, “The tourism sector is key to the Caribbean, both economically and socially, being an instrumental driver for the millions of lives it supports.
The numbers show incredible resilience on the part of tourism in the region, creating thousands of jobs and making a significant economic contribution.”
Caribbean Travel & Tourism 10 years from now
WTTC projects a promising future in the region for the next decade, characterized by strong economic growth and unprecedented professional opportunities.
It is estimated that by 2034, the sector in the Caribbean will contribute more than US$136 billion to the economy, accounting for 13.6% of the regional GDP.
It will also represent a pillar for job generation, providing employment for 3.61 million people. Thus, 18% of the labor force in the Caribbean will be represented by the travel and tourism sector.