SAN JUAN, Puerto Rico | "In 2004, the broader Travel & Tourism Economy is expected to contribute 14.8 per cent of the Caribbean's GDP and account for 2.4 million jobs, representing 15.5 per cent of total employment. Over the next ten years, Travel & Tourism in the region is forecast to achieve annualized real growth of 4.1 per cent, in terms of GDP, and 2.8 per cent in terms of Travel & Tourism employment. This would take the share of GDP and employment to 16.5 and 17.1 per cent respectively by 2014." With these impressive figures begins the economic report released by the World Travel and Tourism Council (WTTC). The report goes on to state that the impact would be greater than forecasted if "the underlying regional and national policy framework were conducive to growth." The study on the economic impact of Travel & Tourism in the Caribbean was commissioned by the Caribbean Hotel Association (CHA) with the sponsorship of American Express. The report, a first for the Caribbean, was released to the public last week at the annual Caribbean Hotel Industry Conference (CHIC 2004), in Puerto Rico, and is now available online at www.caribbeanhotels.org

The report presents the most comprehensive analysis of the tourism satellite account for the Caribbean ever undertaken and considers 25 Caribbean countries collectively and individually. "It quantifies all aspects of travel and tourism demand, from personal consumption, to business purchases, capital investment, government spending, and exports," explained Jean Claude Baumgarten, President of WTTC. "It then translates this information into economic concepts of production, such as gross domestic product, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy and business decision making," he added.

Beyond the statistical information, the report goes on to present policy recommendations to overcome critical challenges and ensure the long-term sustainable development of Caribbean travel and tourism, with maximum benefits for all stakeholders. Among these, raising awareness was distinguished as the single most critical priority in our mission to advance Caribbean tourism. "There is still insufficient awareness and understanding of the (tourism) industry's contribution - how it permeates the depth and breadth of the general economy and the overall fabric of Caribbean society," says the report. The proposals also call for well funded marketing campaigns; a sound planning and management structure in relation to the environment; the importance of safety, security and health provisions for the region's population and visitors alike; and the creation of linkages that alleviate poverty and sustain communities. Further, the recommendations also identify taxation, airlift, and cruise tourism, among the issues that must be addressed in all future planning.

"The findings of the WTTC study are eye-opening. Finally, the Caribbean hotel and tourism industry has the tools to sensitize public officials, the communities, and the industry itself, about its role and contribution as a foremost export sector," said CHA Chairman Simón Suárez.