We finally came across a per­spec­tive on how the global eco­nomic reces­sion is effect­ing the Caribbean. The region depends heav­ily on tourism money for it’s econ­omy, and of course, not many are trav­el­ing now.

Not only are Caribbean coun­tries suf­fer­ing from less tourists, but the gov­ern­ments there have been unable to stim­u­late the econ­omy. Some do not have enough resources to put money back into the econ­omy. Oth­ers are unable to obtain loans from the big banks, because they are con­sid­ered to be mid­dle level economies.

From the Miami Her­ald, Amer­i­cas reporter Jacque­line Charles fills us in.

As lead­ers of the 15-member Caribbean Com­mu­nity begin a four-day sum­mit in Guyana on Thurs­day focus­ing on regional issues from immi­gra­tion to trade to cli­mate change, com­ing up with a one-size-fits-all regional plan to pro­tect their already vul­ner­a­ble economies from peril will top the agenda.

Once believ­ing they were insu­lated from the finan­cial cri­sis grip­ping the United King­dom, and their largest trad­ing part­ner, the United States, Caribbean gov­ern­ments are increas­ingly wor­ried as remit­tances decline, for­eign investors dwin­dle and tourism dampens.

In the Bahamas, the decline in U.S. trav­el­ers has trig­gered lay­offs at pop­u­lar hotels while one resort — the Four Sea­sons in Exuma — shut its doors in May.

In Bar­ba­dos, Euro­pean vaca­tion­ers — no longer able to afford their Caribbean dream — are putting lux­ury con­dos and beach­front homes up for sale.

But it’s not just tourism that is tak­ing a hit.

In Jamaica, plung­ing demand for alu­minum prod­ucts has trig­gered lay­offs and cuts in pro­duc­tion at baux­ite plants. A decline in remit­tances and the depre­ci­at­ing Jamaican dol­lar have forced the gov­ern­ment to raise inter­est rates while other Caribbean gov­ern­ments have reduced them in hope of stim­u­lat­ing local economies.