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Rankings & dataJune 1 2020

Tourism collapse set to upset Caribbean banks

Caribbean banks have increased their capital and grown assets – but may not escape fallout from collapse in tourism on region.
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A region typically dependent on tourism, the Caribbean is set to suffer a double punch from the coronavirus pandemic.

Countries in the region are not only dealing with the threat to citizens’ health but have been left with the economic burden of empty holiday resorts that typically cater to international visitors. Even if international restrictions are eased at some point in the near future, analysts expect one side effect to be a long-lasting aversion to travel on the part of consumers, to the detriment of the tourism industry.

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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