Valuing a Marine Protected Area in Belize
A case study using Contingent Valuation Methodology to determine Tourists Willingness To Pay (WTP)
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Tourism inflows continue to significantly contribute to the Belizean economy despite the global economic downturn and financial crisis facing the world economy.This in and of its own reveals the vulnerability of small developing states that depend heavily on their natural resources for economic prosperity.While the economic importance of Belize s natural resources directly and indirectly impacts its Gross Domestic Product, management and sustainable use is not equally given its due relevance.The integrity of marine environments and ecosystems across the globe are continuously exploited and are...
Tourism inflows continue to significantly contribute to the Belizean economy despite the global economic downturn and financial crisis facing the world economy.This in and of its own reveals the vulnerability of small developing states that depend heavily on their natural resources for economic prosperity.While the economic importance of Belize s natural resources directly and indirectly impacts its Gross Domestic Product, management and sustainable use is not equally given its due relevance.The integrity of marine environments and ecosystems across the globe are continuously exploited and are increasingly under threat.Belize s development policy agenda must seek to embrace the sustainable use of critical environments such as the Belize Barrier Reef System, atolls and marine protected areas.This study offers an opportunity for policymakers to give importance to the merging of economic valuation and sustainable management.It is anticipated that this work will spur the interest of environmentalists from all walks of life to champion the sustainable use of natural resource environments using available economic tools for demand estimation.
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