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Latin America and Caribbean Ignite Travel & Tourism Growth with New Tourism Task Force Driving Economic Transformation
Monday, June 2, 2025
The World Travel & Tourism Council (WTTC), in strategic alliance with the Inter-American Development Bank (IDB), has officially launched a transformative initiative: the Tourism Task Force. Announced during the pivotal Plenary Meeting of the Americas Business Dialogue (ABD), this collaborative public-private platform aims to harness the immense power of Travel & Tourism as a fundamental engine for economic growth, job creation, and enhanced resilience throughout Latin America and the Caribbean (LAC). This bold move arrives at a crucial juncture, spotlighting the sector’s undeniable impact and its promising future in the region’s socio-economic fabric.
A Game-Changing Initiative for Regional Prosperity
The Tourism Task Force is set to convene intensively throughout 2025, bringing together key stakeholders from government, private sector, and development institutions. Its core mission: to craft robust policy recommendations and strategic investment frameworks that will pave the way for sustainable, inclusive tourism-led development across LAC. The Task Force’s final findings and proposed action plans will be unveiled at the highly anticipated CEO Summit of the Americas, scheduled for December 2025 in Punta Cana, Dominican Republic. This event will mark a defining moment, offering a comprehensive blueprint for cross-border cooperation, innovation, and growth within the region’s Travel & Tourism ecosystem.
Travel & Tourism’s Expanding Economic Footprint in LAC
Data emerging alongside the Task Force launch underscores Travel & Tourism’s critical contribution to LAC’s prosperity. The latest Economic Impact Research (EIR), developed in partnership with Oxford Economics, reveals that Travel & Tourism generated an astounding US$714 billion in 2024 alone. This figure represents a remarkable 10% of the region’s total GDP, underscoring the sector’s role as a cornerstone of economic vitality.
Employment figures further highlight the sector’s societal significance. Travel & Tourism directly and indirectly supports 28.2 million jobs across Latin America and the Caribbean—equivalent to one in every eleven jobs. This employment impact spans diverse communities, from urban centers to remote rural areas, driving income generation, poverty alleviation, and social inclusion.
International visitor spending is a critical driver behind this growth, reaching an impressive US$144.4 billion last year. This inflow serves as a lifeline for many national economies, fueling foreign exchange earnings and stimulating ancillary sectors such as hospitality, transportation, retail, and cultural industries.
Vision 2035: Unlocking Decade-Long Potential
The momentum building today foreshadows an even brighter future. Projections for 2035 suggest that the Travel & Tourism sector’s contribution to the LAC economy could surge to nearly US$945 billion, reflecting a substantial increase of US$206 billion from 2025 levels. Equally striking is the expected job growth, with more than 35.4 million individuals projected to be employed in tourism-related activities by 2035—adding over 6 million new jobs in just a decade.
This anticipated expansion positions Travel & Tourism as one of the most dynamic engines of economic opportunity in the region. Its scalability, capacity for inclusivity, and alignment with sustainability principles make it a vital sector for long-term resilience and shared prosperity.
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: “This launch marks a milestone in the integration of tourism into the productive agenda of the IDB and IDB Invest, recognizing its transformative potential for the region. In collaboration with our private sector partners and WTTC, we are working to deliver concrete results: more investment, jobs, and regional growth.”
Five Pillars Driving Sustainable Tourism Growth
To fully realize this potential, the WTTC identifies five key pillars as enablers for sustainable tourism growth within Latin America and the Caribbean:
Talent and Employment – Building a skilled and diverse workforce equipped to meet the evolving demands of the tourism sector.
Resilient Infrastructure and Connectivity – Investing in robust physical and digital infrastructure, including airports, roads, ports, and telecommunications, to ensure seamless access and service delivery.
Digital Transformation – Embracing cutting-edge technologies to enhance traveler experiences, improve operational efficiencies, and expand market reach.
Business Environment – Creating an enabling regulatory and institutional framework that supports entrepreneurship, innovation, and competitiveness.
Access to Finance – Unlocking capital through innovative financing models and incentives to encourage investments in sustainable tourism projects.
Overcoming Challenges: The Investment Gap
Despite the promising outlook, significant obstacles remain. Tourism investment levels across LAC lag behind global standards, limiting the sector’s ability to innovate and expand. Addressing this investment deficit requires decisive action: regulatory reforms that simplify procedures, transparency enhancements, and incentives to attract both domestic and international investors.
Strengthening public-private partnerships emerges as a vital strategy to mobilize resources and expertise. Collaborative governance models can streamline project implementation, align policy objectives, and ensure that investments translate into tangible social and economic benefits.
A Unique Opportunity for Regional Leadership
The establishment of the ABD Tourism Task Force signals a watershed moment for Latin America and the Caribbean. It empowers the region to seize control of its Travel & Tourism future, elevating the sector from a peripheral contributor to a central pillar of economic development and social transformation.
By fostering a culture of innovation, sustainability, and inclusivity, LAC can build resilient communities, enhance cultural heritage preservation, and boost competitiveness in the global travel marketplace. The Task Force’s forthcoming recommendations will be instrumental in shaping policies that maximize the sector’s positive impact, aligning growth with environmental stewardship and community well-being.
Conclusion: Charting a New Course for Travel & Tourism in LAC
In a world where economic uncertainty and environmental challenges persist, Latin America and the Caribbean’s Travel & Tourism sector offers a beacon of hope and opportunity. With visionary leadership from the WTTC, the IDB, and the ABD Tourism Task Force, the region is poised to harness this sector’s transformative power for decades to come.
As the world’s travelers increasingly seek authentic, sustainable experiences, LAC’s vibrant cultures, stunning landscapes, and welcoming communities stand ready to captivate and inspire. Unlocking the full potential of Travel & Tourism is not just an economic imperative—it is a pathway to resilience, inclusion, and shared prosperity across the Americas.
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