The impact of the hospitality industry

on the economy
The hospitality industry is a sizable one that encompasses all commercial pursuits that are
supported by travel or tourism. Is this sector important for the economy?

Firstly, it’s important to mention that this sector is anticipated to develop at a compound
annual growth rate of 15.1% from $3,952.87 billion in 2021 to $4,548.42 billion in 2022,
according to the Hospitality Global Market Report 2022.

On the other hand, it’s crucial to emphasize that the economic income of the hospitality
industry decreased significantly because of the pandemic. They are gradually trying to
return to the statistics of previous years, but this is no easy task.

Our country has one of the fastest-growing economies in the South and one of Latin
America's most important countries. We receive many tourists each month, and we are
experiencing a gradual and solid recovery in tourism activity.

To sum up, I think that this sector is very important for the world’s economy since most
countries receive more than 1 billion guests staying in hotels every year. Furthermore, we
have many tourist places, so that’s good for our economy.