Series: IMF Working Papers
Author(s): Manuk Ghazanchyan , Li Zhao , Steve Brito , and Vivian Parlak
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 17 July 2019
Keywords: Financial crises, Real effective exchange rates, Economic growth, Unit labor cost, Current account deficits, price elasticity, income elasticity, Eastern Caribbean Currency Union (ECCU), gravity model, tourism arrivals and expenditure
Tourism has become the main driver of economic growth and employment and the most important source of income in the ECCU. Preserving and, possibly, enhancing the competitiveness of the tourism product is key for th...