“A Time to Choose, Caribbean Development in the 21st Century,” dated 26 April 2005 was released during the Caribbean Forum Development taking place in Barbados. Prepared by the Caribbean Country Management Unit of the World Bank, the report highlights that the Caribbean is at a development crossroad. It urges that to adapt to the demands of the new world the region will require a much greater focus on sustaining and improving growth and competitiveness calling for political leadership and strong national support.
In its Executive Summary, the report highlights that growth in tourism has slowed over the last decade, attributing this to the maturing of the region’s sun, sea and sand product.
“However, growing demand in product areas such as adventure and cultural tourism provides an opportunity for the region to revitalize the tourism sector and move into areas that could deepen linkages with the rest of the economy. It urges that Caribbean governments improve the investment climate by managing and marketing the sector more effectively, improving destination and product quality, and addressing skill deficiencies. The report stresses: “Careful management of the environment is, of course, paramount to achieving and maintaining competitiveness in both new and old product areas. Governments must carefully steward the region’s resources to mitigate environmental damage and risk while not compromising environmental standards to attract investment.”
To read the full report, go to http://web.worldbank.org/WBSITE/…