The Caribbean’s tourism industry, having endured for almost two years a disastrous decline on account of the ravages of the coronavirus pandemic, would appear to be on the way to recovery at a faster rate than anywhere else in the world, according to recent information gleaned from a World Travel and Tourism Council (WTTC) probe.
At the onset of the outbreak of the pandemic in the Caribbean a pall of gloom had settled over the tourism industry in the region arising out of thousands of lost jobs, dramatically reduced family incomes and lower standards of living in the wake of the impact of the pandemic on travel, hospitality and the various other sub-sectors comprising the tourism industry in the heavily visitor arrival-dependent Caribbean.
However, information gleaned early in December from a WTTC report into global recovery patterns in the sector suggest that the Caribbean is recovering at a faster rate than any other region in the world, so much so that the region’s contribution to gross domestic product (GDP) is expected to increase by just over 47 per cent this year, compared to 30.7 per cent globally.
While the news does not gainsay possible hiccups in the recovery pattern on account of the likelihood of further shocks arising from reports regarding the mutation of the virus, the Council reported, nonetheless, that the sector’s contribution to the global economy this year will amount to US$1.4 trillion — mainly driven by domestic spending — while the Caribbean can expect a year-on-year increase of nearly US$12 billion, driven by both international and domestic travel spending.
The WTTC, which represents the global travel and tourism private sector and conducts research on the economic impact of the industry in 185 countries, noted that the overall recovery globally in the sector had been “hindered by a lack of international coordination, severe travel restrictions and slower vaccination rates,” according to a report published in the Jamaica 0bserver several weeks ago
The WTTC, however, steers clear of creating the impression that the region’s tourism sector is ‘out of the woods’ insofar as recovery is concerned, pointing out that ‘the numbers’ remain below the performance of the sector in the region in 2019, when its tourism “represented more than 14 per cent of the region’s GDP, contributing more than US$58 billion to its economy.” Seemingly persisting in a vein of optimism the WTTC said that given the current rate of recovery “travel and tourism’s contribution to the Caribbean economy could see a further year-on-year increase of 28.7 per cent in 2022, representing a boost of US$10 billion.”
“Next year, international spend can continue to rise with a further year-on-year jump of 43.1 per cent, with domestic spending also increasing by 13.6 per cent,” the Observer report quotes the WTTC as saying.
