DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Upcoming Tourism Destinations in South America: Flows & Spending in Argentina, Brazil, Chile, Colombia and Peru" report to their offering.
The report "Upcoming Tourism Destinations in South America: Flows & Spending in Argentina, Brazil, Chile, Colombia and Peru" provides key insights on the emerging tourism destinations in South America. It covers domestic, inbound and outbound tourism flows and spending and, analyses key trends, drivers and growth inhibitors.
South American economies have great growth potential, although both Brazil and Argentina have struggled in recent years. However, Argentina's economic recovery is on its way and growth is projected for the coming years as the impact of recent reforms and changes in economic policy start to gain traction. Colombia has the most promising economy of all countries, with an average annual rate of 4% real GDP growth up to 2025.
Colombia has the most promising economy of all countries, with an average annual rate of 4% real GDP growth up to 2025. However, current economic conditions in certain countries such as Brazil (recession) and Argentina (hyperinflation) are adversely affecting outbound tourism and benefitting domestic tourism. Furthermore, weak exchange rates in the region make consumers price sensitive impacting outbound travel, particularly to the US and Europe. On the other hand, the weak exchange rate encouraged the growth of arrivals from the US and European countries such as Spain, France, and Germany to South American countries. International arrivals grew the most (23%) in Chile in 2016.
Brazil, the number one country for natural attractions according to the World Economic Forum Tourism Competitiveness Report of 2017, has not reaped the benefits of its potential. Having realized this, the Ministry of Tourism in Brazil aims to take over and manage areas in the country which have the high potential for the development of tourism'. The move is expected to boost inbound and domestic tourism. Nevertheless, in 2016, Brazil was the most visited country in South America with 6.6 million tourists, mainly driven by the Summer Olympics, which were held in Rio.
Tourism is a priority sector for most South American countries. Chile identified tourism as a strategic sector and allotted US$100 million to develop tourism over 2015 to 2018. Argentina aims to create 3000 new jobs over the period 2016-2019 with the promotion of tourist destinations. These efforts are expected to support the growth of inbound tourism over the coming years
Over the years, the growth in South America's tourism infrastructure has been developing constantly, enabling the region to position itself as a destination for MICE. However, MICE business is primarily centered on major cities and the penetration is still low (15% share).
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