Travel and tourism sector represents 14.4% of the economy
MA | Cancun | June 28, 2024
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RELATED TOPICS: AMLO, Bernardo Cueto Riestra, Cancún, Claudia Sheinbaum, EIR, Julia Simpson, Oxford Economics, Virginia Messina, Wttc
As part of her working visit to Cancun, Julia Simpson, President and CEO of the World Travel & Tourism Council (WTTC), announced the results of the Economic Impact Research (EIR) 2024, prepared by the world tourism organization in association with Oxford Economics, where it estimates that 2024 will be a record year for Travel and tourism in Mexico, as it will contribute $264 billion to its GDP, which will mean an increase of almost 3% compared to 2019 levels. Currently, the sector represents 14.4% of the national economy.
Likewise, the WTTC estimates a promising future for the next decade, characterized by solid growth and unprecedented professional opportunities. It is estimated that by 2034, the sector in Mexico will contribute more than 354 billion dollars to the economy, which will represent 15.8% of the national GDP.
The president of WTTC announced the results of the research at the end of 2024. The sector will represent 7 million 560 thousand jobs in Mexico, that is, almost 13% of the total jobs in the country. She reported that, according to the estimate, the spending of international visitors is expected to exceed 34 billion dollars, that is, 8.8% growth compared to the previous year. In addition, domestic tourism spending is expected to reach an all-time high of more than $198 billion.
“Mexico’s Travel and tourism sector continues to consolidate its position as a global tourism benchmark and has demonstrated its fundamental role in the country’s economic and social development,” said the WTTC president.
The central objective of Julia Simpson’s visit to Quintana Roo was to strengthen the ties of friendship and cooperation with representatives of the tourism sector and with the state government. During the press conference, Julia Simpson was accompanied by Bernardo Cueto Riestra, Secretary of Tourism of the state, and by Virginia Messina, Senior Vice President of the WTTC.
According to WTTC analyses applied in 185 countries, Mexico is one of the 98 destinations that exceeded pre-pandemic levels of contribution to GDP in 2023. In this way, the Mexican Travel and tourism sector exceeded the levels of contribution to national GDP by almost 2%, compared to 2019.
As reported by REPORTUR.mxat the beginning of June, the Mexican peso fell against the dollar when the results of the elections were known, where Claudia Sheinbaum, the first woman to serve as president in Latin America, won, in addition to having the majority of congressmen on her side, which disconcerts investors, since she will continue with the legacy of Andrés Manuel López Obrador (AMLO). (Election of Claudia Sheinbaum disconcerts investors).
