Caribbean Travel & Tourism sector recovering fast

Saturday, October 23, 2021

The Caribbean’s Travel & Tourism sector is recovering at a faster rate compared to any other region in the world, with its inputin GDP expected to increase more than 47% this year, compared to just 30.7% globally, as per World Travel & Tourism Council (WTTC).

WTTC said that the recovery of tourism globally has been obstructed by the lack of international coordination, severe travel restrictions and slow-paced vaccination.

However, the Caribbean is now getting advantageof more relaxed restrictions around the world and low infection rates, which is boosting international travel spending and supporting the region’s swift economic recovery.

Although the Caribbean is recovering faster than other regions, this is still low compared to its performance in 2019.
At this current rate of recovery, travel & tourism’s contribution to the Caribbean economy could see a further year-on-year increase of 28.7% in 2022, representing an increase of USD 10 billion.

Domestic spending growth is expected to be stronger than international in all regions except for the Caribbean. With the current rate of recovery international visitor spend across the region could see a year-on-year rise of 61.7% this year, b=going past domestic spend which could witness an increase of 52.6%.

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• WTTC calls for greater coordination between Caribbean governments