by Donald Wood
Last updated: 11:47 AM ET, Wed October 20, 2021
New data suggest the Caribbean's travel and tourism industries are recovering at a faster rate than any other region in the world.
According to research from the World Travel & Tourism Council (WTTC), the Caribbean's contribution to GDP is expected to rise more than 47 percent this year (an increase of an estimated $12 billion), compared to just 30.7 percent globally.
The study found that Caribbean countries and territories are benefiting from relaxed travel restrictions and low infection rates when compared to other regions, a combination that has boosted international spending.
While the Caribbean continues its strong recovery, the travel and tourism industries are still down from 2019, when the area accounted for more than 14 percent of the region's GDP and contributed $58 billion to the economy.
"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," WTTC President Julia Simpson said.
"Last year, the COVID-19 pandemic stole almost a quarter of all Travel & Tourism jobs from the region but due to a significant increase in international and domestic spend, both jobs and GDP are on the rise," Simpson continued.
At its current rate of recovery, the WTTC revealed the Caribbean's travel and tourism industries could see a further year-on-year rise of 28.7 percent in 2022, representing a boost of $10 billion.
Data also suggests international visitor spending across the region could see a year-on-year rise of 61.7 percent in 2021, ahead of domestic spend which could witness an increase of 52.6 percent. Next year, international spending is expected to rise 43.1 percent.
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