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Contribution of international ecotourism to comprehensive economic development and convergence in the Central American and Caribbean region

ABSTRACT Drawing on the positive experience from Costa Rica, the study examines whether international ecotourism makes a significant contribution to comprehensive economic development for the Central American and Caribbean region and contributes to comprehensive economic convergence. Following a standard empirical growth model, a dynamic panel regression model is estimated using time-series data from 1995 until 2012 for a cross section of seven countries. The interaction of international tourism and various established sustainability indicators is employed allowing ecotourism to be consistently quantified across countries, while numerous country-specific structural characteristics are controlled for. The estimation results show that international ecotourism has a statistically significant positive effect on both traditional economic development (real GDP per capita) and comprehensive economic development (adjusted net savings; ANS per capita), which is a measure of a society’s potential future well-being, thus providing evidence in support of the tourism-led growth hypothesis and pointing towards an important role for ecotourism in driving comprehensive economic convergence.