TOURISM INDUSTRY REFORM STRATEGIES FOR ENHANCED IMPACT
Tourism is the dominant industry in several Caribbean economies and a significant focus of development. In recent years the profile of visitors to the Caribbean has changed and the Region is now facing increased competition. The number of long-stay tourist arrivals in BMCs has grown slowly between 1990 and 2015
3.7%
4.5%
2.5%
Due to the falloff in the growth of stay-over arrivals, most territories have realised negative growth in visitor expenditures even though total tourist arrivals have grown.
Per visitor expenditure (USD)
$900
$870
$800 $700
$608
$600 $500
CDB BMCs
Region
1989
1994
2009
2014
POLICY IMPERATIVES 0.58-0.89% in the short-term
GDP
2.6% in the long-term
The impact of tourism on GDP growth varies significantly by arrival type
Long-stay tourist arrivals
2004
Global
IMPACT ON GDP 10% increase in tourism expenditure
1999
>
Leverage tourism for economic development
Organise the tourism industry
Develop economic linkages and inclusion
Strengthen transportation linkages
Explore opportunities for regional collaboration
Prepare for the tourism industry of the future
Cruise arrivals
There is no evidence of a change in the relationship between tourist expenditure and GDP growth, despite the changes in the tourism industry WWW.CARIBANK.ORG
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