And Christian has extended his outlook to that of other Caribbean countries.
Since tourism, dubbed our bread and butter industry, is a chief contributor to the region’s Gross Domestic Product (GDP), Christian believes the boost in tourist arrivals would only materialise if the economies of the United Kingdom, United States of America and Canada experience growth.
“And in all three of those economies,” Christian said, “you’ve seen growth this year and growth projected for 2015 and 2016. That being the case, it is reasonable to expect that our tourist arrival numbers will also grow.”
However, the economist was unable to predict the rate of growth.
Meantime, Christian said that the drop in prices at the pumps is likely to be good news for the Caribbean, since this may translate into extra money that tourists have at their disposal.
“Canadians spend approximately US $45 billion a year purchasing fuel for their vehicles … and you are now looking at about a 10 per cent reduction in the price at the pump in Canada,” he said. “That translates into an additional US $4.5 billion in funds available to consumers,” Christian noted.
And in his view, it is money that Canadians, for one, will have to spend on consumables or vacations.
In the that was released on October 10, 2014, in Washington, DC, the International Monetary Fund’s (IMF) latest growth predictions for the Caribbean and Latin America stood at 1.3 per cent in 2014 and 2.2 per cent in 2015.