The newly formed tourism task force may be the spark Latin America and the Caribbean need to generate millions of jobs and billions in economic growth. Launched by the World Travel & Tourism Council (WTTC) and the Inter-American Development Bank Group (IDB), the task force will operate under the Americas Business Dialogue (ABD) to shape a shared vision for sustainable tourism development in the region.
This collaborative initiative aims to position Travel & Tourism as a central pillar for the region’s economic future. Its policy recommendations and investment strategies will be presented at the Summit of the Americas in Punta Cana this December, offering a unique opportunity for countries to align on actionable goals and long-term plans.
Travel & Tourism in Latin America and the Caribbean Today
According to the latest Economic Impact Research (EIR), produced by WTTC in partnership with Oxford Economics, Travel & Tourism contributed an impressive US$714 billion to Latin America and the Caribbean’s (LAC) economy in 2024. This represents 10% of the region’s total GDP.
In addition to economic value, the sector supported 28.2 million jobs—roughly one out of every eleven jobs in the region. International visitor spending alone brought in US$144.4 billion, providing critical export income and supporting local businesses across diverse destinations from coastal resorts to inland heritage sites.
Key 2024 Figures
| Indicator | 2024 Value |
|---|---|
| Travel & Tourism GDP Contribution | US$714 billion |
| Percentage of Total Regional GDP | 10% |
| Jobs Supported | 28.2 million |
| International Visitor Spending | US$144.4 billion |
A Glimpse into 2035: What’s Possible?
Looking ahead, the projections for 2035 are even more promising. WTTC estimates that the Travel & Tourism sector could contribute up to US$944.8 billion to the regional economy, supporting 35.4 million jobs. This would represent an increase of US$206 billion in value and 6 million new jobs compared to 2025 figures.
These numbers highlight tourism’s potential as a high-impact, inclusive engine of development—if the right policies and investments are made in time.
2035 Tourism Outlook
- Expected economic contribution: US$944.8 billion
- Projected tourism-related jobs: 35.4 million
- Potential job increase: 6 million
- Economic growth over 10 years: +US$206 billion
Strategic Priorities for Regional Tourism Growth
To realize this potential, the WTTC and IDB have identified five essential enablers for tourism-led development in the region:
- Talent and Employment: Invest in workforce development and hospitality training to meet growing demand.
- Resilient Infrastructure and Connectivity: Improve airports, roads, and digital networks to support tourism flows.
- Digital Transformation: Embrace digital tools for marketing, booking, and customer experience.
- Business Environment: Create transparent, fair, and efficient regulations to attract investment.
- Access to Finance: Facilitate loans and financial support for tourism entrepreneurs and small businesses.
These priorities will guide the task force’s agenda throughout 2025 and help shape a regional blueprint to be unveiled in December.
Challenges Ahead: Investment Gaps and Policy Hurdles
Despite its potential, tourism investment in Latin America and the Caribbean remains below global benchmarks. Inconsistent regulation, infrastructure gaps, and limited access to capital have slowed progress in many countries.
Christopher Imbsen, WTTC Vice President of Policy, emphasized the urgency: “Travel & Tourism is one of the most powerful levers for inclusive economic growth in Latin America and the Caribbean.”
Fabrizio Opertti, IDB Sector Manager, added: “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.”
The hope is that with stronger public-private collaboration and bold policy reform, these barriers can be transformed into opportunities.
Next Steps for 2025
The ABD Tourism Task Force will continue working throughout 2025, convening stakeholders from across the region. The final recommendations will be presented at the Summit of the Americas in Punta Cana, aiming to influence policy and investment priorities across LAC.
With strategic focus and international support, the region now has a rare chance to put tourism at the heart of its development agenda—and unlock millions of new jobs in the process.
