HOW QUICKLY DO CARIBBEAN TOURISM DEMAND RECOVER AFTER SEVERE SHOCKS

Author(s): BROWNE, RUDOLPH; MOORE, WINSTON; (2012)

Created 23 Jul, 2012
Categories Working Papers
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Tourism is highly susceptible to economic shocks. Since 2000, the world travel industry has been challenged to deal with international terrorism (Bonham, Edmonds and Mak 2006), political unrest (P. Narayan 2005a), natural disasters (Calgaro and Lloyd 2008) and more recently the “Great Recession” (Ritchie, Molinar and Frechtling 2009), just to name a few. These shocks can have significant effects on key stakeholders in the industry and spillover effects on the entire economy. Lee and Chang (2008), for example, estimate that a 1 percent increase in foreign exchange earnings from tourism, on average, results in a 0.13-0.36 percent rise in long run domestic income in OECD countries and a 0.17-0.61 percent expansion in non-OECD states (see Sinclair (1998) for a survey of these findings).

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