Perfect Storm: Climate Change and Tourism

Author/Editor:

Serhan Cevik ; Manuk Ghazanchyan

Publication Date:

November 13, 2020

Electronic Access:

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

While the world’s attention is on dealing with the COVID-19 pandemic, climate change remains a greater existential threat to vulnerable countries that are highly dependent on a weather-sensitive sector like tourism. Using a novel multidimensional index, this study investigates the long-term impact of climate change vulnerability on international tourism in a panel of 15 Caribbean countries over the period 1995–2017. Empirical results show that climate vulnerability already has a statistically and economically significant negative effect on international tourism revenues across the region. As extreme weather events are becoming more frequent and severe over time, our findings indicate that the Caribbean countries need to pursue comprehensive adaptation policies to reduce vulnerabilities to climate change.

Series:

Working Paper No. 2020/243

Frequency:

regular

English

Publication Date:

November 13, 2020

ISBN/ISSN:

9781513559575/1018-5941

Stock No:

WPIEA2020243

Format:

Paper

Pages:

18

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