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Perfect Storm: Climate Change and Tourism

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  • Cevik Serhan

    (International Monetary Fund, Washington, USA)

  • Ghazanchyan Manuk

    (International Monetary Fund, Washington, USA)

Abstract

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 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 invest more in adaptation and mitigation in order to reduce vulnerabilities.

Suggested Citation

  • Cevik Serhan & Ghazanchyan Manuk, 2021. "Perfect Storm: Climate Change and Tourism," Journal of Globalization and Development, De Gruyter, vol. 12(1), pages 47-61, June.
    • Handle: RePEc:bpj:globdv:v:12:y:2021:i:1:p:47-61:n:1
    DOI: 10.1515/jgd-2020-0015
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    More about this item

    Keywords

    climate change; global warming; tourism; adaptation; resilience; Caribbean;
    All these keywords.

    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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