Monday, March 24, 2008 -- A forecast calls for the Caribbean’s travel and tourism sector to generate approximately $57 billion in revenue this year, according to research by Tourism Satellite Accounting for the World Travel & Tourism Council.
That figure is far below the world average, the research shows. Even if
the $57 billion almost doubles over the next 10 years as expected, it
would still be below the world average, said Tourism Satellite
Accounting.
The survey results, released by the World Travel & Tourism Council
and strategic partner Accenture, revealed a projected 2.3 percent
increase in travel and tourism in the Caribbean region in 2008. The
growth rate will level out to an average of 3.2 percent each year
between 2009 and 2018, which is below the world average, according to
the study.
WTTC President Jean-Claude Baumgarten warned that the Caribbean must focus on long-term development to be competitive.
Within the Caribbean, WTTC forecast the highest rate of growth this
year for Trinidad and Tobago at 8.4 percent, followed by St. Kitts
& Nevis at 5.6 percent and St. Lucia at 5.1 percent.
Puerto Rico is the revenue leader in the Caribbean, as travel and
tourism accounts for $10.8 billion. The Dominican Republic is second.
Of the 12 regions that the research covered, the Caribbean is the most
dependent upon travel and tourism in terms of its contribution to the
national economy. Travel and tourism in 2008 will account for 12.9
percent of the region’s employment, or approximately 2 million jobs.
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