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Shocking Forecast by WTTC: Mexico’s Tourism to Skyrocket to 15.8% of GDP by 2034!

The World Travel & Tourism Council (WTTC) projects significant growth in Mexico’s tourism sector over the next decade.

In a recent announcement during the WTTC’s visit to Cancun, President and CEO Julia Simpson shared findings from the 2024 Economic Impact Report (EIR), produced in collaboration with Oxford Economics. The report indicates that Mexico’s tourism industry will contribute $264 billion to its GDP in 2024, marking a 3% increase from pre-pandemic levels in 2019.

Currently, tourism accounts for 14.4% of Mexico’s GDP, and this is set to rise to 15.8% by 2034, with an estimated contribution of $354 billion.

This growth is expected to create substantial employment opportunities, with tourism-related jobs projected to reach 7.56 million by the end of 2024, representing nearly 13% of the nation’s total employment.

The WTTC’s optimistic outlook is driven by anticipated increases in both international visitor spending and domestic tourism.

International visitor spending is expected to surpass $34 billion in 2024, reflecting an 8.8% growth from the previous year. Meanwhile, domestic tourism spending is forecasted to reach a historic high of over $198 billion.

Julia Simpson emphasized the sector’s crucial role in Mexico’s economic and social development, highlighting its resilience and global prominence. Her visit to Quintana Roo aimed to strengthen ties with local tourism representatives and the state government.

Accompanied by Bernardo Cueto Riestra, Secretary of Tourism for Quintana Roo, and Virginia Messina, WTTC Senior Vice President, Simpson noted that Mexico is among the 98 destinations worldwide that have exceeded pre-pandemic GDP contributions from tourism.

In 2023, Mexico’s tourism sector contributed nearly 2% more to the national GDP than in 2019.

The EIR’s positive forecasts come amid recent political and economic shifts in Mexico. The election of Claudia Sheinbaum as the country’s first female president has introduced some uncertainty among investors, given her alignment with the policies of her predecessor, Andrés Manuel López Obrador (AMLO).

However, the WTTC’s report underscores the robust and growing impact of tourism on Mexico’s economy, suggesting a promising decade ahead for the sector.

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