September 1, 2004
After three miserable years, the Caribbean is back on its feet. Strong commodity prices have given countries like bauxite-exporter Jamaica a much-needed boost, while remittances from workers in the US and UK are at record levels. But it is tourism's recovery since the September 2001 terrorist attacks that is driving growth - and that may not be the best formula for long-term economic health.
"The tourism recovery in the Caribbean is very robust with arrivals up 6%-10% in some countries," says Carl Ross, chief emerging market economist at Bear Stearns in New York. "That's very admirable and, I think, a direct result of very hard work by Caribbean countries in marketing their
Caribbean countries are looking for ways to fuel long-term growth. Will that prove as elusive as the legendary green flash at sunset?