Tourism will generate 5.5 million jobs over the next 10 years in Latin America

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https://en.travel2latam.com/nota/74155-tourism-will-generate-55-million-jobs-over-the-next-10-years-in-latin-america
Tourism will generate 5.5 million jobs over the next 10 years in Latin America
Source: WTTC
May 09, 2022

During this same period, a year-on-year growth rate of 4% is forecast in the sector's contribution to regional GDP


The World Travel and Tourism Council (WTTC) pointed out that, according to its latest Economic Impact Report (EIR), over the next 10 years this industry in Latin America will generate 5.5 million new jobs. in the sector, with a year-on-year growth rate of 3.2%.

Likewise, it forecast a year-on-year growth rate of 4%, compared to the growth of the total economy of the region, which is estimated to be 2.3% for the same period.

According to the same report, in 2021 the contribution of the travel and tourism sector to Latin America's GDP represented 6.1% (213.4 billion dollars), which meant a growth of 26.5% compared to the previous year.

The regional contribution of the sector in 2021 was 2.1% below the figure registered in 2019, with a difference of 74.7 billion dollars.

The travel and tourism sector in Latin America, during 2019, contributed 288.1 billion dollars to the GDP, which represented 8.2% of the region's economy. However, in 2020, when the pandemic severely impacted the industry, their contribution fell by 41.4%.

However, as the global economy begins to recover from the devastating effects of the pandemic, the jobs generated by the tourism sector are beginning to increase.

During 2021, in Latin America the level of employment in the travel and tourism sector increased by 8% compared to 2020, with which the sector generated 14.25 million jobs, which represented almost 7% of total jobs in the region. This latest figure is only 1.1% below that recorded in 2019.

Julia Simpson, President and CEO of the WTTC, said: "With the global health crisis, the Latin American Travel and Tourism sector has been seriously affected. However, However, our latest research clearly reflects a recovery for the sector and the economy.”

According to the same WTTC research, the contribution of the global travel and tourism sector to the world economy during 2021 reached 5.812 billion dollars, that is, a growth of more than 21.7% compared to the previous year. In this way, the sector represents 6.1% of the global economy.

In addition, travel and tourism contributed 289 million jobs in 2021, an increase of 6.7% from the previous year, adding more than 18.2 million new jobs in the sector.

In this sense, the world body continues to promote coordinated work between companies and authorities, as well as urging governments to remove restrictions and allow international travel, using digital solutions that make it easier for tourists to travel quickly, simply and safe.

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