At a time when a number of major Latin American economies, including Brazil and Venezuela, are heading toward recession, Mexico’s economy stands out in the region for its resilience. The country is expected to maintain a solid economic performance in 2015 and beyond, with the IMF estimating GDP growth of 3% and 3.3% in 2015 and 2016, respectively.
Though tourism plays a significant role in T&T’s economy, unlike other Caribbean economies, it is not the most important sector. Its total contribution to GDP in 2013 was $1.26bn, or 3.1%, and the industry directly and indirectly employed 27,500 people, or 4.5%. In the past decade, arrivals have fluctuated between a low of 388,000 in 2010, reflecting the global slump in 2008-09, and a high...
Buoyed by expanded connectivity and increasing investment, Panama’s tourism sector has experienced unprecedented growth in the past few years. Today, it is a pillar of economic development, generating more revenues than transit fees from the Panama Canal ($1.92bn) or the Colón Free Trade Zone ($1.9bn). According to the Tourism Authority of Panama, visitor numbers have grown every year since...
Despite slower GDP growth of 6.2% in 2014, according to the Ministry of Economy and Finance, Panama remains one of Latin America’s fastest growing economies, a trend set to continue in coming years with the IMF forecasting average annual growth of around 6.5% over the next five years.
With the Peruvian government intent on diversifying the economy away from mineral resources, the tourism sector is slowly becoming a strategic economic contributor. The sector has experienced unprecedented development in the past decade. According to the Ministry of Foreign Trade and Tourism in 2013 international arrivals increased 11% to 3.16m, a growth rate above the regional (5.1%) and...
Though Peru’s economic growth registered a slowdown in 2014 - to an estimated 3.1% according to the central bank compared to rates of between 5% and 9% for much of the past decade - the mining-led economy is expected to regain momentum in 2015 as diversification efforts continue and government measures to stimulate investment take effect.
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