Former U.S. Federal Reserve Chairman Alan Greenspan last week said Caribbean region tourism could prosper despite the damage caused by high oil prices leading to skyrocketing airfares and withdrawn flights. Speaking at the Annual Caribbean Tourism Summit at the Ronald Reagan Building in Washington last week, Mr. Greenspan said the industry was proving itself resilient. “Tourism is on a long-term upward trend,” Dr. Greenspan said. “As real standards of living rise, an ever-increasing share can go towards discretionary spending, such as on vacations. The industry has a momentum in the upwards direction and can absorb some shocks and come back.” In spite of spiking jet fuel prices, he had noted in the latest data on travel by U.S. residents to the Caribbean that the figures for March 2008 were actually slightly higher than those for March 2006. |