Former US Federal Reserve Chairman Alan Greenspan yesterday said Caribbean region tourism could prosper despite the damage caused by high oil prices leading to sky-rocketing airfares and withdrawn flights.

Speaking at the Annual Caribbean Tourism Summit at the Ronald Reagan Building in Washington yesterday, before an audience which included Premier Ewart Brown, Dr. Greenspan said the industry was proving itself resilient.

"Tourism is on a long-term upward trend," Dr. Greenspan said. "As real standards of living rise, an ever-increasing share can go towards discretionary spending, such as on vacations. The industry has a momentum in the upwards direction and can absorb some shocks and come back."

In spite of rocketing jet fuel prices, he had noted in the latest data on travel by US residents to the Caribbean that the figures for March 2008 were actually slightly higher than those for March 2006.

Dr. Brown had a private breakfast meeting with several Caribbean government leaders and Dr. Greenspan, before the man who chaired the US central bank from 1987 to 2006 gave a short keynote address and then took part in a longer question-and-answer session.

Tourism Minister Dr. Brown was impressed by Dr. Greenspan's broad knowledge and said: "He's a walking economic dictionary." He was also heartened by Dr. Greenspan's analysis.

"Tourism will survive – that was his message," Dr. Brown said. "Tourism, as a business, is resilient and we should ride the wave of whatever difficulties we have including aviation, fuel and expense.

"He encouraged, especially those countries in the eastern Caribbean that have been hit by flight withdrawals, to just continue pressing on.

"We hear about disappointment all the time and the reasons why things are not working, and here comes an economist who points out something that we haven't stopped to observe ourselves.

"The world changes and we have to change with it. If you ride the wave instead of fighting the wave, you can have a great ride."

Dr. Brown said other leaders in the Caribbean had been impressed by the way Bermuda had managed to increase flight volume and attract investment.

"The other leaders are always asking how do we do it, how we negotiate with airlines, how do we get interest in hotels," the Premier said. "It's only inside Bermuda that the pessimism persists. Outside everybody thinks we're doing well."

Yesterday afternoon, Dr. Brown had a 30-minute interview on The Armstrong Williams Show, broadcast on XM Satellite Radio.

Mr. Williams is a nationally-syndicated, conservative African-American talk show host.

"From a tourism perspective, that's one of the most important parts of the trip, because Armstrong Williams has a very large audience and to be able to get 30 minutes on his show is a tribute to Tourism's public relations company and our people who have helped to put it together," Dr. Brown said. Last night Dr. Brown attended the Tourism Summit's gala dinner and he has meetings planned with Caribbean tourism ministers to discuss, among other things, the challenges of high airfares and flights being cut in the region by airlines.