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WC’07 could hit Caribbean economies hard: IMF|financialexpress.com

WC’07 could hit Caribbean economies hard: IMF: " Cricket World Cup (CWC) 2007, as it was predicted earlier, could hit the Caribbean economies hard, real hard. This has been suggested by the most recent report released by the International Monetary Fund (IMF), which is sceptical that the $500 million spent in construction costs by the nine host venues are unlikely to result in positive economic benefits.
The economic legacy of the World Cup, declared IMF, would depend on the Caribbean countries ability to market themselves as key tourism destinations following the event. This, it can be suggested, necessitates the opening up of new tourist markets, for the Caribbean already gets its share of tourists from the UK, USA and Canada. While Barbados Tourism Authority is doing much to open up the Indian market, negotiations with the Indian Chamber of Commerce and Industry and Air India are cases in point, little have been done by the other islands so far. The IMF projections are available for public viewing in its just-released regional economic outlook report for the Western Hemisphere April 2007 edition. "

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