CDB study recommends strategies to enhance economic impact of tourism industry
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.”