Dr. Delisle Worrell, former Governor of the Central Bank of Barbados, has issued a compelling call for Caribbean governments to reassess the economic value of cruise tourism through updated data analysis. In his December economic letter, the distinguished economist presents evidence suggesting traditional retail sectors across the region no longer benefit from cruise ship arrivals due to fundamental industry transformations.
Dr. Worrell identifies three structural shifts undermining local economies: The proliferation of massive cruise vessels now feature extensive onboard shopping complexes offering brands previously exclusive to shore-based retailers. Additionally, the democratization of cruising has altered passenger demographics and spending patterns, with contemporary tourists showing preference for inexpensive imported souvenirs rather than high-value duty-free purchases. Finally, local artisans cannot compete with mass-produced imports on price points, despite offering superior quality and authenticity.
These market transformations have produced visible economic consequences. The economist cites Punda in Curaçao—once a thriving commercial Mecca for cruise tourists—as now representing a mere shadow of its former glory. Similarly, Bridgetown’s Broad Street in Barbados, which historically flourished with venerable retail establishments and international banking operations, has experienced significant commercial decline. Contemporary travel bloggers now focus on Swan Street’s bazaar rather than the formerly prestigious shopping district.
Dr. Worrell’s observations extend beyond these documented cases. A recent visit to Bermuda’s Dockyard, despite substantial government investment converting historic naval buildings into commercial spaces, revealed quiet streets and empty shops despite nearby cruise ship presence. The former IMF consultant concludes that the assumed positive economic net balance of cruise tourism requires urgent empirical verification through updated research methodologies.