Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

CDB study recommends strategies to enhance economic impact of tourism industry
Published on May 26, 2017 Email To Friend    Print Version

cdb_tourism_seminar.jpg
Dr Amos Peters (standing), Economist, CDB, speaks to the audience during the seminar on May 25, 2017

PROVIDENCIALES, Turks and Caicos Islands -- The tourism industry is changing, and Caribbean countries must adapt in order to make the most of the emerging economic development opportunities. “Tourism Industry Reform, Strategies for Enhanced Economic Impact”, a study by the Caribbean Development Bank (CDB) and released today, puts forward recommendations and strategies to enhance the economic impact of tourism in the Bank’s Borrowing member countries (BMCs).

Dr Warren Smith, president, CDB, noted, “Tourism is the engine of growth and a major foreign exchange earner in many Caribbean countries. During the last two decades, we have witnessed a distinct shift in the profile of visitors to the Caribbean and as a result, in the industry’s structure. These changes in the industry have signalled a need for policy-makers and key industry players to rethink their strategies for improving the competitiveness and safeguarding the medium to long-term development prospects of the industry in this region.”

Dr Justin Ram, director of economics, CDB, said that the study is significant, as it provides much-needed empirical analysis focused on the economic impact of the industry.

“This research provides the opportunity for broader, critical, evidence-based policy-making in the tourism industry where business strategies have clearly evolved over the decades. These strategies are continuing to evolve, forcing the need for more frequent and timely analysis on which to base changes in policy and strategy so as to maximise economic impacts,” he said.

The study characterises the causal relationship between tourism activity and GDP growth in the region, drawing on data from each of the BMCs between 1989 and 2014. Two major trends that are particularly significant were identified in the evolution of the tourism industry.

First, there has been a slowdown in the growth rate for long-stay tourism arrivals in BMCs, with an average rate of 2.5 percent, compared to 4.5 percent globally. Second, there has been a dramatic increase in the number of cruise arrivals in the BMCs, with the number of cruise visitors more than tripling over the period under review. This is noteworthy, as the impact of tourism on GDP growth varies significantly by arrival type.

Five broad recommendations are presented for consideration by regional stakeholders:

• Leveraging tourism as a tool for economic development, diversification and stimulating growth and linkages in other sectors such as agriculture and creative industries;

• Organising the tourism industry through coordination among stakeholders;

• Conversion of more cruise ship visitors to long stay visitors;

• Exploring further opportunities for regional collaboration; and

• Preparing for the tourism industry of the future by staying aware of new trends and adapting accordingly, such as the shared economy and greater use of technology through the entire visitor experience and tourism value chain

The study was presented during a seminar at CDB’s 47th annual meeting of the board of governors, held in the Turks and Caicos Island.
 
Reads: 6293





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

As a result of our comments feature being overtaken in recent weeks by spammers using fake email addresses, producing a large number of bounced verification emails each day, we have reluctantly decided to suspend the comments section until further notice.

Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.






Other Headlines:



Regional Sports: