By Deodat Maharaj
Caribbean economies have largely been primary producers with a focus on commodities for much of our history. Diversification has been a constant in our regional and national discourse with limited progress, notwithstanding our best efforts. Globalisation has had a massive impact on our small economies, exacerbated by shocks such as the current coronavirus pandemic, not to mention the effects of climate change and financial crises. What each crisis including the current one has taught us is that we must continue to innovate with our existing exports and identify alternative avenues to create jobs and generate foreign exchange.
The commoditizing and export of services represent a viable option. Whilst tourism remains important, the reality is, that in terms of services, we must think beyond tourists. The evidence says we must. According to the Caribbean Tourism Organization, last year, countries took a massive hit. For example, Grenada experienced a decline in tourist arrivals by an estimated 73%. The decline was 69.2%, and 71.4% for St. Lucia and Belize respectively. Due to COVID-19, tourism continues to endure a sustained depression