Caribbean Tourism en Route to Further Growth, WTTC Says

According to Julia Simpson, President & CEO of the World Travel & Tourism Council (WTTC), eight of the 10 most tourism-dependent countries globally in 2019 were in the Caribbean region.

The UK-based tourism executive believes the region’s potential for tourism growth has not been fully exploited due to challenges such as a lack of air connectivity; the high cost of air travel; and a need for more investment in digital solutions, infrastructure and human capital, improved crisis preparedness and a focus on environmental protection.

In 2021, the Caribbean Travel & Tourism sector experienced the second-fastest recovery of all regions, as its contribution to GDP grew by 36.6 percent. In comparison, Travel & Tourism’s global contribution to the economy expanded by 21.7 percent.

“Nevertheless, this strong rebound was not enough to recoup the losses from the pandemic as Travel & Tourism GDP was still 36.1% below the 2019 level,” Simpson wrote in the WTTC’s latest report on the region.

Looking at the longer-term horizon, between 2022 and 2032, Travel & Tourism’s contribution to global GDP is estimated to grow at an average annual rate of 5.8%, outpacing the average annual growth rate forecast of 2.7% for the global economy.

“The Caribbean Travel & Tourism sector could outstrip this increase and achieve an average annual growth rate of 6.7%, significantly above the region’s overall economy growth of 2.4%, to reach US$96.6 billion in 2032, up from US$50.5 billion in 2022,” Simpson noted.

The WTTC believes that in order for sustainable growth to be achieved investments in public-private-community partnerships will be key.