Caribbean tourism sector to reach USD 91 billion by 2024: WTTC

Tourism to generate 15.7 pc of all jobs in Caribbean
2024-05-25
/
/ New Delhi
Caribbean tourism sector to reach USD 91 billion by 2024: WTTC
Caribbean tourism sector to reach USD 91 billion by 2024: WTTC

Spending by international visitors is expected to reach USD 45 billion, 8.8 pc growth as compared to 2023 levels

The tourism sector in Caribbean region may reach a GDP that is 7.4 pc greater than last year, at USD 91 billion, along with 3 million jobs and a promising future ahead, says WTTC.
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The World Travel and Tourism Council (WTTC), a global travel and tourism organisation, has projected that the Caribbean travel and tourism sector will contribute more than USD 91 billion to the regional GDP by the end of 2024. This exceeds by 7.4 pc the figure recorded during 2023.

According to the Economic Impact Research (EIR) 2024, prepared by WTTC in association with Oxford Economics, the sector will represent almost 3 million jobs in the region at the end of 2024, translating into 15.7 pc of the total jobs in the Caribbean.

Similarly, spending by international visitors is expected to reach USD 45 billion, 8.8 pc growth as compared to 2023 levels. Likewise, the global organisation expects spending on domestic tourism to reach a historical record of USD 22.4 billion, an increase of 3.7 pc compared to 2019.

According to the WTTC, in 2023 the Caribbean travel and tourism sector recorded a contribution of USD 85 billion to the regional economy, that is, an increase of 14.5 pc compared to the previous year. Last year, the sector represented 11.4 pc of the regional economy.

The statement adds that during 2023, the activity also strengthened its workforce with more than 190,000 additional jobs than the previous year, reaching a total of 2.75 million jobs throughout the Caribbean.

WTTC says that international spending continued to grow and reached USD 41.4 billion, 18.5 pc above 2022. Spending on domestic tourism was USD 21.4 billion, which represented an increase of 7.1 pc in compared to the previous year and only 0.8 pc below the 2019 figure.

Julia Simpson

Julia Simpson

“The tourism sector is key for the Caribbean, both economically and socially, being an instrumental engine for the millions of lives it supports. The numbers demonstrate incredible resilience on the part of tourism in the region, creating thousands of jobs and making a significant economic contribution,” says Julia Simpson, President and CEO of the WTTC.

The WTTC projects a promising future in the region for the next decade, characterised by solid economic growth and unprecedented career opportunities.

It is estimated that by 2034, the sector in the Caribbean will contribute more than USD 136 billion to the economy, which will represent 13.6 pc of the regional GDP.

The statement adds that it will also represent a pillar for the generation of jobs, providing employment to 3.61 million people. In this way, 18 pc of the workforce in the Caribbean will be represented by the travel and tourism sector.

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