The Bank of Jamaica says tourism earnings are falling and jobs are being lost in the sector, following the impact of Hurricane Melissa, which forced the immediate closure of 43% of the country's hotel room stock.
In its latest assessment, the central bank said widespread booking cancellations and the delayed reopening of major hotel chains, including Hyatt and Iberostar, now expected between May and as late as November next year, are likely to worsen unemployment in the tourism industry.
The BOJ noted, however, that some smaller properties which were not severely affected by the hurricane have already resumed operations.
Tourism remains Jamaica's second largest source of foreign exchange after remittances, generating net foreign exchange earnings of US$1.76 billion last year.
comments powered by Disqus
All feeds
