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Latin America Investment News on Viva Tropical

Tourism Sector Key to Continued Economic Momentum in Latin America

Article Summary:

Mexico is among the top four Latin American countries who might just hold the key to continued strong economic momentum in Latin America. The country, along with Argentina, Brazil, and Chile, have shown considerable growth in recent years and the thrust of this activity has become one of the key factors for economic advancements in many developing countries.

Photo Credit: Carribean News Digital

Original Article Text From Carribean News Digital via Google Translate :

Highlighted Tourism as a Key Sector in the Economic Momentum in Latin America

Four Latin American countries where tourism has shown considerable dynamism in recent years, Mexico, Argentina, Brazil and Chile, were assessed as case studies by the Organization for Economic Cooperation and Development (OECD), which confirms in a report published this week that the thrust in this activity has become one of the key factors for economic growth in developing countries, from the contribution of tourism in terms of increase of gross domestic product (GDP) and employment.

The results of the investigation, released under the title of “Trends and tourism policies of the OECD in 2012,” indicate that in the specific case of Mexico, a member of that organization, the sector is already well identified and recognized as “source of regional development, employment, foreign exchange and economic activity,” both by the authorities of that country and its population.

Refer the report, released in a special report of the agency EFE that the American nation joined in 2009, for example, a total of 108,200 million dollars from tourism, with a market share of 85.7% for domestic tourists and 14.3% for foreign visitors.

Tourism accounted for both in that year to 8% of GDP in Mexico, as a sector contributing more than the combined between agriculture and the food industry, and being responsible for 6.9% of jobs, for a total of 2 , 45 million employees, a result that should be improving more than between 2011 and 2012.

Despite the difficult international situation that existed then, the nation saw the arrival in 2009 of 22.7 million visitors a year, 2.3% of tourist entries from around the world.

South American giants awakening
A little south of the continent, Argentina and Chile blunt like two giants where the entertainment industry flourishes with strength and contributes to good health of the economy, according to the findings of the OECD report.

The first of these two countries managed to achieve in 2010 at number 44 in the ranking of top destinations worldwide, advancing three positions compared to 2009. That year had received 5.7 million international visitors and was the nation with the largest number of arrivals in South America with an annual increase of 23%.

These let you exchange foreign tourists by 4,900 million dollars, and immediately push the sector’s needs was felt in terms of jobs, with more than one million workers added to the tourism industry, coming to provide 9.9% of total jobs in the country.

While in Chile, one of the 34 countries belonging to OECD tourism “has shown a robust growth in recent years, with an average increase of 5.3% annually over the last decade to reach 2, 8 million visitors in 2010, “indicates that organization.

At the point of income from the activity, that nation in 2010 reported a total of 1,508 million dollars, which had a direct impact on generating about 3% of GDP, very similar to the global average but is below other reference countries for Chile.

Brazil: shy but promising performance
Brazil, collected the fourth country in the OECD report, organization of non-member, received in 2010 to 5,919,000 in tourism dollars, of which 2.742 million came from its five main markets (Argentina, USA, Italy, Uruguay and Argentina).

In terms of income from the activity, the increase was 11.6% that year, giving employment to 982,000 persons, 2.9% of workers in the country, a figure very similar to previous years.

These results are in keeping with the fact that the local tourism then represented 85% of tourist traffic, so the OECD and other international agencies have recommended that nation make greater efforts to increase international visitor arrivals its territory.

In this direction, the report he notes that Brazil will have three exceptional opportunities in coming years to show its great potential as a tourist destination: Confederations Cup 2013, World Cup 2014 and 2016 Olympic Games.

Overall, in the 34 countries belonging to the OECD average tourism in 2010 accounted for 4.2% of GDP and 5.4% of employment, and its annual growth was 4%, has finally revealed the report of the Paris-based organization whose members attracted 66% of all tourist arrivals in the world in that year.

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