Scotia Capital, Canada – May 4, 2007 -- Beyond the field, the 2007 Cricket World Cup is 'lofting' economic growth, generating positive long-term benefits for the region through tourism growth, infrastructure investment and regional integration. As the third largest sporting event in the world, CWC 2007 will have a significant direct and indirect effect on foreign investment, tourism and infrastructure development in the nine host countries, continuing well after the event concludes on April 29th.

The Caribbean region's economy is expected to grow by 5.5% in 2007, compared with more than 8% in 2006, in large part due to the CWC 2007. The region's economy has been underpinned by event preparations over the last few years, including resorts and facility construction.

In fact, host country governments have invested approximately US$500 million in upgrades to airports, roads, power generation and information and communications technology, while around US$300 million have been spent on stadium development and another $40 million on temporary facilities. Overall, CWC projects have employed more than 10,000 persons.

There is one less positive outcome: excess demand for goods and services may have caused upward price pressures for transportation, accommodations, food and other services. Caribbean currencies should remain relatively stable over the spring in the context of strong foreign currency inflows and favourable macroeconomic conditions.

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Source: scotiacapital.com