The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank (IDB), has announced the launch of a new Tourism Task Force aimed at elevating the travel and tourism sector as a fundamental pillar of economic development across Latin America and the Caribbean (LAC). This initiative was unveiled during the Plenary Meeting of the Americas Business Dialogue (ABD) held in Santo Domingo, Dominican Republic, on 29 May 2025.
The Task Force will convene throughout 2025 to develop policy recommendations and investment strategies that will be presented at the CEO Summit of the Americas in Punta Cana this December. The goal is to create a collaborative blueprint to harness the full potential of the Travel & Tourism industry for the region’s prosperity and resilience.
According to the latest Economic Impact Research (EIR) conducted by WTTC in collaboration with Oxford Economics, Travel & Tourism contributed an estimated US$714 billion to LAC’s economy in 2024, representing approximately 10% of the region’s GDP. The sector also supported 28.2 million jobs, equivalent to one in every eleven jobs in the region.
International visitor spending reached a record US$144.4 billion, playing a vital role as a source of export income for many countries. This underlines the sector’s importance not only as a generator of revenue but also as a significant employment engine supporting millions of families across the diverse economies of Latin America and the Caribbean.
Looking to the future, WTTC projects substantial growth over the next decade. By 2035, the Travel & Tourism sector is expected to contribute US$944.8 billion to the regional economy and support over 35.4 million jobs. This forecast reflects an additional US$206 billion in economic value and 6 million new jobs compared to 2025 figures.
This growth trajectory underscores the sector’s unique capability to drive inclusive and sustainable economic development. The Task Force aims to leverage this opportunity to foster policies that stimulate investment, enhance skills, improve infrastructure, and promote innovation across the travel and tourism value chain.
The WTTC identifies five key enablers crucial for unlocking the Travel & Tourism sector’s full potential in LAC:
Despite the promise, investment in tourism across LAC currently lags behind global benchmarks. To overcome this, the region must undertake bold reforms, improve regulations, and foster stronger public-private partnerships that can attract capital and accelerate sustainable growth.
The creation of the Tourism Task Force represents a critical milestone in embedding tourism as a strategic priority within the development agenda of the Inter-American Development Bank (IDB) and its private sector arm, IDB Invest. Fabrizio Opertti, IDB Sector Manager for Productivity, Trade, and Innovation, remarked:
The collaboration aims to catalyze investment flows, improve governance, and scale innovative tourism products that reflect the region’s rich cultural and natural heritage while contributing to social inclusion.
Travel & Tourism is increasingly recognized as a powerful lever for inclusive economic growth in LAC, particularly in fostering rural and indigenous communities, promoting gender equality, and supporting small businesses. The sector’s adaptability in the face of global challenges, such as the COVID-19 pandemic, has also demonstrated its resilience and importance in recovery efforts.
As countries in the region continue to rebuild and diversify their economies, Travel & Tourism offers pathways for generating sustainable livelihoods, preserving biodiversity, and promoting intercultural understanding.
The Tourism Task Force will engage stakeholders across governments, private sector, and civil society throughout 2025. Its upcoming recommendations will focus on practical measures to:
These proposals will culminate at the CEO Summit of the Americas, where high-level commitments are expected to be made, charting a shared course for the region’s tourism-driven growth.
The World Travel & Tourism Council and the Inter-American Development Bank’s joint initiative marks a defining moment for Travel & Tourism in Latin America and the Caribbean. With the sector’s potential to contribute over $200 billion in additional economic value and create millions of new jobs by 2035, a coordinated approach is essential to ensure growth is equitable, sustainable, and resilient.
Through strengthened governance, investment, and innovation, the LAC region can position Travel & Tourism as a cornerstone of long-term prosperity, improving the quality of life for millions of people while attracting travelers from around the globe to its diverse and vibrant destinations.
