Banker Says U.S. Recession Will Hurt Caribbean Travel Industry

Regional banking officials have been warned that any recession in the United States economy early next year will severely hurt the Caribbean tourism sector and hinder governments’ access to loans on the global financial market.

Wendell Mottley, managing director of the U.S.-based Credit Suisse, told the 34th annual general conference of the Caribbean Association of Indigenous Banks Inc. that the financial crunch in the U.S. will have drastic implications for Caribbean countries.

Mottley also said the falloff in the US economy will especially hurt those countries which are heavily dependent on tourism.

The economist said one immediate impact is a severe slash in visitor arrivals to the Caribbean, and not surprisingly, a slow down in the economies of most regional countries, corporations and the banking sector.