Growth in Tourism: Belize and Nicaragua

Tourism is one of the most important industries for developing economies, and Nicaragua is no exception; the tourism industry has the potential to transform the country’s economy and drastically affect its environment, both positively and negatively.

In 2014, more than 1.2 million foreign tourists visited the Central American country. Of the 1.2 million tourists, 60% came from other Central American countries, followed by 25% from the United States. 

Nicaragua

While the tourism industry is booming, Nicaragua is still trying to shake its image of being “unsafe.”

Nicaragua recorded a total of 474,000 tourists in 2020, ranking 132nd in the world in absolute terms.

That smaller countries regularly perform lower in a comparison of the absolute number of guests, is obvious. By putting the tourist numbers in relation to the population of Nicaragua, the result is much more comparable picture: With 0.071 tourists per resident, Nicaragua ranked 134th in the world. In Central America, it ranked 6th.

Nicaragua generated around 544.00 million US Dollar in the tourism sector alone. This corresponds to 3.9 percent of its the gross domestic product and approximately 1 percent of all international tourism receipts in Central America.

Belize

Belize’s tourism sector has witnessed impressive growth in recent years with overnight tourist arrivals registering double digit annual growth rates in since 2016. Investments by major international hotels and recent plans to build a multi-million dollar cruise port off the coast of Belize City along with other planned development projects will contribute significantly to economic activity, given the small size of Belize’s economy.

Belize recorded a total of 487,000 tourists in 2020, ranking 129th in the world in absolute terms.

That smaller countries regularly perform lower in a comparison of the absolute number of guests, is obvious. By putting the tourist numbers in relation to the population of Belize, the result is much more comparable picture: With 1.2 tourists per resident, Belize ranked 41st in the world. In Central America, it ranked 1st.

Belize generated around 487.00 million US Dollar in the tourism sector alone. This corresponds to 27.21 percent of its the gross domestic product and approximately 1 percent of all international tourism receipts in Central America.

Tourism is an important sector of the economy for the majority of countries in Latin America and this is no different for Belize and Nicaragua. As more investment opportunities become available, not only are investors seeing potential to provide opportunities for vacationers to visit their properties, but more travels are looking at countries like Belize and Nicaragua as a safe haven to truly experience paradise.
Nicaragua by Jeremy Bezanger is licensed under unsplash.com
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