Caribbean countries face the most severe economic slump in more than 50 years due to the novel coronavirus (COVID-19) pandemic, as the region's nations depend on tourism to drive up to 90 percent of local economies, the International Monetary Fund (IMF) said in a report on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 29th April, 2020) Caribbean countries face the most severe economic slump in more than 50 years due to the novel coronavirus (COVID-19) pandemic, as the region's nations depend on tourism to drive up to 90 percent of local economies, the International Monetary Fund (IMF) said in a report on Wednesday.
"The 'sudden stop' in tourism is sharply slowing economic activity in the Caribbean, and growth in the region is projected to contract by 6.2 percent in 2020. This would be the deepest recession in more than half a century," the report said.
Tourism accounts for 50 percent to 90 percent of gross domestic product and employment in some Caribbean countries, the report noted.
The Caribbean faces a suspension at least through June of visits by cruise ships, while air travel has ground to a halt. In addition, many nations in the region have taken strong containment measures, such as border closures and lockdowns, according to the report.
