Dominican Republic ranks seventh in Latin America for tourism

Dominican Republic. Photo: Pixabay/Einfach-Eve

In 2024, the Dominican Republic ranks seventh among the Latin American countries with the highest income in the tourism market, according to forecasts by Statista Market Insights. The country is projected to experience a growth rate of 15%, surpassing the figures from 2023 and translating to an estimated average profit of around $600 million.

This forecast encompasses revenue from various sources, including hotel reservations, cruises, tourist packages, and vacation rentals. As the world’s tourism sector nears recovery, reaching almost 90% of pre-COVID-19 pandemic levels by the end of 2023, the World Tourism Organization (UNWTO) anticipates complete recovery in Latin America and the Caribbean in 2024.

Statista Market Insights predicts a 13% increase in tourism and travel revenue globally in 2024. Brazil leads this projection, with expected income of approximately $16.81 billion, surpassing the previous year’s $15 billion. Following closely, Mexico is projected to generate around $14.8 billion, driven by a threefold increase in demand for hotel reservations post-2020 pandemic. Argentina secures the third position with an estimated sector income above $7 billion, while Colombia is expected to reach around $3.8 billion.

The Dominican Republic, along with Peru and Chile, is forecasted to experience growth above 10% in the tourism market in 2024, while Bolivia is expected to achieve a growth rate of 9%. These projections underscore the region’s positive outlook for the coming year in terms of tourism revenue and economic recovery.