Finding New Tourism Opportunities: Finally Looking South?

Abstract

In this policy brief, we examine the current tourism product in the CARICOM member states with a particular focus on the economies that rely most on the industry. The analysis shows that the tourism industry has steadily declined since the 2008 financial crisis and the introduction of the Air Passenger Duty by a main source market, the United Kingdom. Expanding the tourism source markets to emerging economies could reduce the vulnerability of the sector and create greater potential for value chains and increased trade with new commercial partners.