A Survey of Caribbean Island-Nations' Economies and The Effects of Economic Diversification During The 2020 Covid-19 Pandemic

19 Pages Posted: 5 Jun 2024

See all articles by Kishore Kulkarni

Kishore Kulkarni

Metropolitan State University of Denver

Simonas Sungaila

Metropolitan State University of Denver

Date Written: January 01, 2024

Abstract

Given the growing dependency on tourism in the Caribbean region over the last decades, and the unprecedented shock COVID-19 had on the industry as a whole in 2020, this paper will look to see if there are any evident economic diversification measures the island nations of the region could have taken to minimize the impact of the pandemic on their GDP. While the 13 islands nations surveyed differ in size, population, and wealth, some patterns emerge supporting the idea that limiting specialization in the service sector and embracing other economic strengths can prove to be a beneficial hedge against economic downturn, in a region that is historically prone to natural disaster, and as of now, epidemiological, shocks.

Suggested Citation

Kulkarni, Kishore and Sungaila, Simonas, A Survey of Caribbean Island-Nations' Economies and The Effects of Economic Diversification During The 2020 Covid-19 Pandemic (January 01, 2024). Available at SSRN: https://ssrn.com/abstract=4854133 or http://dx.doi.org/10.2139/ssrn.4854133

Kishore Kulkarni (Contact Author)

Metropolitan State University of Denver ( email )

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Simonas Sungaila

Metropolitan State University of Denver

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