Tuesday, June 3, 2025
The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank Group (IDB), has announced the creation of the Tourism Task Force under the Americas Business Dialogue (ABD). This public-private platform aims to elevate Travel & Tourism as a key economic driver across Latin America and the Caribbean (LAC), focusing on sustainable growth, job creation, and regional resilience.
The task force will convene throughout 2025 to formulate policy recommendations and investment strategies that enhance the sector’s contribution to economic development. Its findings and proposals will be presented at the Summit of the Americas in Punta Cana this December, offering a comprehensive blueprint for collaborative regional action.
Travel & Tourism: A Pillar of Latin America and Caribbean Economies
According to WTTC’s latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, the Travel & Tourism sector contributed an impressive US$714 billion to the LAC economy in 2024, representing 10% of the region’s total GDP. The sector also supported 28.2 million jobs, accounting for approximately one in every eleven jobs across the region.
International visitor spending reached US$144.4 billion last year, serving as a vital source of export income for many countries within Latin America and the Caribbean. These figures highlight Travel & Tourism’s critical role in fostering economic stability, social development, and cross-border connectivity.
Strategic Statements from WTTC and IDB Leaders
Christopher Imbsen, Vice President of Policy at WTTC, emphasized the transformational potential of the sector, stating:
“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, reinforced the bank’s commitment, noting:
“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.”
These statements align closely with development goals set by regional governments and international bodies, such as the Economic Commission for Latin America and the Caribbean (ECLAC) and the IDB itself (iadb.org), which prioritize sustainable tourism as a catalyst for economic diversification and social inclusion.
The Next Decade: Projections for 2035
Looking forward, WTTC projects that by 2035, the Travel & Tourism sector could contribute up to US$944.8 billion to the LAC economy, supporting more than 35.4 million jobs. This represents an increase of US$206 billion in economic value and 6 million new jobs compared to 2025 figures. Such growth underscores the sector’s unique capacity to promote inclusive and sustainable development across the region.
Governments and regional organizations are encouraged to leverage this opportunity by crafting policies that facilitate investment, innovation, and infrastructure improvements. The United Nations World Tourism Organization (UNWTO) and the World Bank have similarly emphasized the importance of tourism as a driver of post-pandemic economic recovery in LAC countries.
Key Enablers for Sustainable Tourism Growth in the Region
WTTC identifies five core enablers critical to unlocking the full potential of Travel & Tourism in Latin America and the Caribbean:
- Talent and Employment: Developing a skilled and diverse workforce through education and training programs.
- Resilient Infrastructure and Connectivity: Enhancing transport, digital, and energy infrastructure to support seamless travel.
- Digital Transformation: Integrating technology to improve customer experiences and operational efficiency.
- Business Environment: Establishing clear, supportive regulatory frameworks to encourage entrepreneurship and foreign investment.
- Access to Finance: Facilitating capital availability for new ventures and expansion, especially for small and medium-sized enterprises.
Addressing these priorities requires coordinated efforts between governments, the private sector, and international partners, as emphasized by the LAC governments’ commitments posted on official platforms such as the Economic Commission for Latin America and the Caribbean (ECLAC) and national ministries of tourism and trade.
Challenges and the Path to Progress
Despite its vast potential, tourism investment in Latin America and the Caribbean still lags behind global standards. Regulatory bottlenecks, infrastructure gaps, and limited access to finance remain barriers that hinder growth. Improving the investment climate will necessitate bold reforms, streamlined bureaucracies, and stronger public-private partnerships.
The Tourism Task Force aims to address these challenges head-on by developing actionable policy recommendations that can be implemented at national and regional levels. This approach is expected to create a more competitive and resilient tourism ecosystem capable of withstanding global uncertainties.
The Americas Business Dialogue: A Collaborative Platform
The ABD Tourism Task Force is a landmark initiative facilitating cooperation between governments and the private sector. It supports the alignment of national tourism strategies with regional development goals, fostering synergies that drive economic diversification and social inclusion.
Such public-private collaboration reflects best practices recommended by global institutions like the World Economic Forum and the Organisation for Economic Co-operation and Development (OECD), which advocate for multi-stakeholder partnerships as vital to sustainable tourism development.
Upcoming Milestone: Summit of the Americas 2025
The culmination of the Task Force’s work will be presented at the Summit of the Americas in Punta Cana, Dominican Republic, in December 2025. This high-profile event will provide a platform to showcase the blueprint for Travel & Tourism-led regional development, encouraging governments and investors to commit to the sector’s growth.
The Summit aligns with broader hemispheric goals articulated by the Organization of American States (OAS) and regional economic blocs, emphasizing integration, resilience, and inclusive prosperity.
Conclusion
The launch of the WTTC and IDB Tourism Task Force under the Americas Business Dialogue signals a new era for Travel & Tourism in Latin America and the Caribbean. By focusing on sustainable investment, job creation, and public-private collaboration, the region is poised to harness one of its most dynamic economic sectors.
As governments and stakeholders mobilize to implement the Task Force’s forthcoming recommendations, Travel & Tourism will play an even greater role in driving inclusive growth, economic diversification, and resilience across Latin America and the Caribbean.
