Horwath HTL Dominican Republic and Crowe Costa Rica have released the latest market report for the Caribbean and Central America. The Caribbean and Central America combined make up around 92 million inhabitants and a GDP of approximately US$1.08 trillion. With a contribution of an estimated 15% and 12%, both regions have the highest share of the tourism sector to total GDP. In 2022, the Caribbean was the third most successful of all Worldwide regions or subregions to match 2019 visitor arrivals and even topped this during the first half of 2023, while Central America has experienced one of the fastest sector growths among American regions in the last 20 years.

The Caribbean, renowned for its tropical beaches, year-round sun, and cultural diversity, is a significant player in global tourism. However, the COVID-19 pandemic has introduced unprecedented challenges. This report examines the industry’s performance before the pandemic, the specific challenges and advantages during the crisis, and the future implications for the sector.

The Caribbean, celebrated for its idyllic islands and year-round tropical climate, has long been synonymous with paradise for travellers worldwide. Known for its pristine white sandy beaches and tranquil environment, the region is a premier destination for relaxation, outdoor activities, cultural festivals, and historical exploration. The Caribbean comprises various island nations and territories, including dependencies of the UK, US, France, and the Netherlands, housing around 42.5 million people across approximately 700 islands, of which about 100 are permanently inhabited.