WTTC reports recovery rate of the Caribbean Travel & Tourism sector
The World Travel & Tourism Council (WTTC) has published a report about the recovery of the Travel & Tourism sector. According to this, the Caribbean tourism market has the fastest rate compared to any other region in the world. Its contribution to Caribbean GDP is expected to rise more than 47% this year, compared to just 30.7% globally.
Julia Simpson, WTTC President & CEO said:
“Our research clearly shows that while the global Travel & Tourism sector is slowly beginning to recover from the ravages of COVID-19, the Caribbean is recovering much faster than any other region. ‘’
This result can be explained by the reduction of restriction measures given worldwide, added to low infection rates, which leads to an increase in international travel spending, contributing to the region's economy recovery. Furthermore, the research also suggests that at the current rate of recovery, Travel & Tourism’s contribution to the Caribbean economy could see an extra year-on-year rise of 28.7% in 2022. It represents a boost of US$10 billion. It is forecasted that next year, international spending will keep on rising with a further year-on-year jump of 43.1%, in addition to domestic spending being increased by 13.6%.