Tourism boom in Colombia boosts GDP, GDP per capita but risks job creation
Colombia is in the midst of a boom in tourism and the country’s economy is booming, but it is also a major risk to the country and its economy.
Colombia’s tourism industry, worth about $15 billion annually, is a $5 billion export industry, according to the European Tourism and Competitiveness Center.
The government is investing heavily to develop the tourism industry to meet the demand of tourists and foreign companies.
In recent years, Colombians have been taking to the beach, spending tens of thousands of pesos on a vacation to Colombia’s famous seaside resorts.
But this year, tourism has become a big issue, particularly after Colombia’s Supreme Court ruled that the country cannot be allowed to implement the controversial law that made it mandatory for tourists to wear headscarves in public.
In the past year, tourists have been hit by severe travel cancellations and high prices at major resorts.