Travel & Tourism in LAC set to add US$206b. over the next decade
WTTC joins IDB and ABD in launching new Task Force to elevate Travel & Tourism as a pillar of regional development across Latin America and the Caribbean (LAC).
SANTO DOMINGO, DOMINICAN REPUBLIC – The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank Group (IDB), announced the launch of the Tourism Task Force under the Americas Business dialogue (ABD) – a public-private platform to elevate Travel & Tourism as a key driver of growth, jobs, and resilience across Latin America and the Caribbean (LAC).
The Task Force will convene throughout 2025 to shape policy recommendations and investment strategies. Its conclusions will be presented at the Summit of the Americas in Punta Cana this December, offering a blueprint for regional collaboration in Travel & Tourism.
The launch comes at a critical moment, as WTTC unveils new figures that highlight the growing importance of the Travel & Tourism sector to the region's prosperity.
Travel & Tourism: A Key Asset for LAC
According to the latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, Travel & Tourism contributed US$714 billion to LAC's economy in 2024, accounting for 10% of the region's total GDP. It also supported 28.2 million jobs, or one in every 11 jobs across the region.
International visitors spend reached US$144.4 billion last year, providing a vital source of export income for many national economies.
Christopher Imbsen, WTTC VP Policy, said: 'Travel & Tourism is one of the most powerful levers for inclusive economic growth in Latin America and the Caribbean. The region has a generational opportunity to put Travel & Tourism at the centre of their development agenda. With the ABD Task Force now in place, we can drive smarter investment, unlock growth, and deliver jobs and opportunity at scale.'
Fabrizio Opertti, IDB Sector Manager of Productivity, Trade, and Innovation, said: 'The newly established Tourism Task Force within the Americas Business Dialogue underscores our commitment to positioning the sector as a key engine of economic growth and development in Latin America and the Caribbean. At the IDB, in close collaboration with our private sector partners, we are working to support and promote the region's vast tourism potential into tangible and impactful outcomes: greater investment, more jobs, and sustainable regional growth.'
A Decade of Opportunity: 2035 Projections
Looking ahead, the next decade offers unprecedented opportunity. By 2035, the Travel & Tourism sector could contribute US$944.8 billion to the regional economy and support more than 35.4 million jobs. Compared to 2025, this would represent an additional US$206 billion in economic value and 6 million new jobs, reflecting the sector's unique ability to scale inclusive and sustainable growth.
Priorities for Action and Growth
To unlock the sector's full potential, WTTC highlights five core enablers for sustainable tourism growth in LAC: talent and employment, resilient infrastructure & connectivity, digital transformation, business environment and access to finance.
However, challenges persist. Tourism investment across LAC continues to trail behind global benchmarks. Creating a more investment-friendly environment will be crucial, demanding bold reforms, improved regulation, and stronger collaboration between the public and private sectors.
With the ABD Tourism Task Force now in motion, the region has a unique opportunity to place Travel & Tourism at the heart of its long-term development agenda.
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