The organization forecasts that this sector will contribute more than US$91 billion to the region’s GDP.
Tourism is one of the main sources of income for the gross domestic product (GDP) in most Caribbean countries. This is no coincidence; the paradisiacal beaches that many of these nations possess attract tourists from different parts of the world who wish to vacation and enjoy the tropical climate.
According to data from the World Travel and Tourism Council (WTTC), the travel and tourism sector will contribute more than US$91 billion to the Caribbean region’s GDP in 2024, exceeding the figure recorded in 2023 by 7.4%.
According to the Economic Impact Research (EIR), prepared by WTTC in association with Oxford Economics, by the end of 2024, tourism will account for almost 3 million jobs in the region, or 15.7% of all jobs in the Caribbean. During 2023, 190,000 new jobs were registered, reaching a total of 2.75 million jobs throughout the Caribbean.
Thanks to the investments being made by the «smokeless industry,» international visitor spending is expected to reach US$45 billion, representing an 8.8% growth compared to 2023.
WTTC, according to a press release, forecasts domestic tourism spending to reach an all-time high of US$22.4 billion, an increase of 3.7% versus 2019. Domestic tourism spending was US$21.4 billion, up 7.1% compared to 2023, and only 0.8% below the 2019 figure.
According to the entity’s analysis, in 2023 the travel and tourism sector in the Caribbean contributed US$85 billion to the regional economy, up 14.5% from 2023. The sector represented 11.4% of the regional economy in 2023.
In making an estimate for the next 10 years, the WTTC forecasts that by 2034, the sector will contribute more than US$136 billion to the regional economy, accounting for 13.6% of GDP. It is also expected to be a fundamental pillar for employment generation, providing work for 3,610,000 people, which will represent 18% of the labor force in the Caribbean.