Implication for Caribbean Financial Development
by The work draws notice to looming adversity of the Caribbean region due to the event of 9/11.
On September 11th, 2001 terrorists launched a brutal and deadly attack on the American world trade center and the Pentagon. As the dust and smoke engulfed sections of the cities of New York and Washington D.C, it was evident that a black an ominous cloud was spreading it self across the socioeconomic landscape of the Caribbean basin. The event will have both short and long term implications for the people of the Caribbean.
The impact on regional economy
Most, if not all, Caribbean Islands with a total population of 6,777, 100 people depend very heavily on the United States for economic survival in more ways than one. When there is any form of recession in that country, the Caribbean will be inevitably affected.
When we speak of the Caribbean we are referring to the English- speaking islands in the Caribbean and the mainland nations of Belize (formerly British Honduras, and Guyana (formerly British Guiana) that once constituted the Caribbean portion of the British Empire,
One of the main sources of income for the region is tourism. Annually the region enjoys a steady 9.5 million visitors from the United States who come to the Caribbean to experience the golden sun shine, white sandy beaches, the fine diversified Caribbean culture and dishes. This flurry of
tourism activities bring in substantial revenue to the region, averaging just about US$18.6 million.
After the September attack, hoteliers across the region experienced massive booking cancellations, because many Americans felt that with the terrorist’s threat still in the air, flying could be risky.
The implication for the region is that there will be a sharp down turn in the tourism industry, resulting in staff cuts in many of the region’s hotels, sending the unemployment rates even higher.
There is no doubt that many families who depend on regular remittances and barrels from the USA will surely be affected. Many Caribbean persons, who live in the USA from the region, are likely to lose their jobs which will inhibit them from sending the much needed fund to the Caribbean. This is bound to create more hardships for the people of the region.
The agricultural sector will also come in for a battering, with a slowing down in visitor arrivals; there will be a decline for supplies of fresh produce. This will put future economic strain on the struggling farmers.
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