The tourism sector and the global economic crisis: development implications for the Caribbean

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/CAR/L.255
cepal.docTypeDocumentos de Organos Subsidiarios
cepal.docTypeDocumentos de proyectos e investigación
cepal.jobNumberLCCARL255_en
cepal.regionalOfficePuerto España
cepal.topicEngECONOMIC INDICATORS AND PROJECTIONS
cepal.topicSpaINDICADORES ECONÓMICOS Y PROYECCIONES
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.entityNU. CEPAL. Sede Subregional para el Caribe
dc.coverage.spatialEngCARIBBEAN REGION
dc.coverage.spatialSpaCARIBE
dc.date.accessioned2015-07-21T17:42:37Z
dc.date.available2015-07-21T17:42:37Z
dc.date.issued2010-04-29
dc.description.abstractOver the past two years the global economy has experienced substantial economic turmoil, resulting in severe economic contraction. While there has been a recent return to growth, this situation has impacted all economic sectors worldwide. In the highly tourism-dependent region of the Caribbean, the impact of the global economic crisis has been most notable on the tourism sector, which, from the early 1990s, became the key driver of economic growth for the region. The eventual emergence of this sector reflects an economic development history which was previously underpinned by the export of agricultural commodities, and subsequently by the adoption of the import substitution industrialization model as promulgated by Arthur Lewis. This was further stimulated by spectacular economic contraction in Caribbean economies during the 1980s as a result of changes in the global terms of trade for commodities, generally low levels of competitiveness for manufactured goods, as well as weak institutional and governance frameworks. Ultimately, many economies began to reflect fiscal and balance of payments constraints. By the end of the 1990s, too, evidence of declining competitiveness even in the tourism sector began to become apparent particularly when evaluated under the framework of the Butler Tourism Area Life- Cycle (TALC) model. The recent economic crisis, therefore, provides an opportunity to reflect on the overall approach to economic development in the Caribbean, and to assess the implications of the region’s response to the crisis. This analysis makes the case for the future development of the sector to be based on two broad strategies. The first is to deepen the integration of the tourism sector into the broader economy through the diversification of the regional tourism product, as well as the enhancement of linkages with other sectors, while the second is to expand the tourism sector into a total service economy through the introduction of new services. Considering linkages, the development of clusters and value chains to support the tourism sector is identified with respect to agriculture and food, handicraft, and furnishings. Among the new services identified are education, wellness, yachting and boating, financial services, and information and communications technologies (ICT). This overall strategy is deemed to be better suited to the macroeconomic realities of the Caribbean, where high labour costs and other structural rigidities require a high-valued specialty tourism product in order to sustain the sector’s global competitiveness.
dc.description.tableOfContents.-- Introduction.--I. Tourism and the Caribbean economic development experience.-- II. the central role of the tourism sector in the Caribbean.-- III. Impact of the global economic crisis and the Caribbean response.--IV. Future eveolution of the tourism sector inthe context of Caribbean development.-- V. Conclusion.
dc.formatTexto
dc.format.extent41 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/CAR/L.255
dc.identifier.urihttps://hdl.handle.net/11362/38650
dc.language.isoeng
dc.physicalDescription41 p.
dc.publisherECLAC, Subregional Headquarters for the Caribbean
dc.publisher.placePort-of-Spain
dc.rights.coarDisponible
dc.subject.unbisEngECONOMIC DEVELOPMENT
dc.subject.unbisEngECONOMIC CRISIS
dc.subject.unbisEngDEVELOPMENT ASPECTS
dc.subject.unbisEngTOURISM
dc.subject.unbisEngTOURISM DEVELOPMENT
dc.subject.unbisEngECONOMIC ASPECTS
dc.subject.unbisSpaDESARROLLO ECONOMICO
dc.subject.unbisSpaCRISIS ECONOMICA
dc.subject.unbisSpaASPECTOS DEL DESARROLLO
dc.subject.unbisSpaTURISMO
dc.subject.unbisSpaFOMENTO DEL TURISMO
dc.subject.unbisSpaASPECTOS ECONOMICOS
dc.titleThe tourism sector and the global economic crisis: development implications for the Caribbean
dc.type.coarcontribución a congreso
dc.type.coarlibro
dspace.entity.typePublication
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