CARICOM Bureau Discussed Impact of Global Financial Crisis on the Region’s Travel Industry

The global financial crisis and its impact on tourism and foreign direct investment in the region were among matters discussed at the 24th Meeting of the Bureau of the Conference of Heads of Government of the CARICOM Community in St. John’s, Antigua last Saturday.

Prime Minister of the Bahamas, the Rt. Hon. Hubert Ingraham participated in the meeting, along with Bureau members the Hon. Baldwin Spencer, Prime Minister of Antigua and Barbuda and Chairman of Conference, and the Hon. Dean Barrow, Prime Minister of Belize.

Members took note of the World Tourism Organization’s (WTO) report indicating that tourism worldwide had grown by 7 percent in 2007 but is expected to grow by only 2 percent in 2008. Tourism from the United States –the region’s principal market- is expected to be down by 6 percent over thanksgiving. It is projected that Caribbean tourism will experience negative growth next year.

Heads discussed measures being taken by some resorts in the region to attract guests including price slashing exercises. The Bureau also took note that a number of development projects, particularly tourism and hotel related projects, have been deferred or postponed as a result of the international financial crisis, and expressed support for the efforts of the Caribbean Tourism Organization (CTO) and CARICOM Tourism Ministers in mounting an enhanced marketing program for regional tourism.