Brazil is ahead of its nearest rivals Chile, Colombia and Argentina
Brazil is Latin America’s fastest growing travel and tourism economy. With travel and tourism’s direct contribution to GDP, it is forecast to grow at 7.8% in 2012 from US$79 billion to GDP in 2011. Research just released by David Scowsill, president and CEO of the World Travel & Tourism Council, at the travel innovation debate Fórum Panrotas 2012 forecasts that this is significantly ahead of other countries in the region such as Chile and Colombia, both of which will see growth of 4.7%, and Argentina and Peru at 3.7% and 3.6%, respectively.
When the wider indirect and induced impacts are taken into account, the industry’s contribution is nearly three times greater – approximately US$213 billion, equivalent to 8.6% of Brazil’s GDP. If the growth in Brazil is achieved as forecast, it will bring an extra US$5.5 billion for Brazilian GDP directly from travel and tourism and 200,000 new direct jobs in 2012 on top of the 7.7 million jobs already supported by this sector.
[pictured: Morro da Urca; courtesy Brazil Ministry of Tourism]