jobs and business opportunities for enterprises, and encourages the development of infrastructure. in 2014, tourism generated approximately us $ 1. 4 trillion in global foreign exchange income, approximately 30 % of the export of services. according to the world travel and tourism council, tourism contributed 9 % of global gdp and global employment. tourism has risen significantly in recent years and the world trade organization ( wto ) expects this trend to continue, reaching 1. 8 billion tourists by the end of 2030. as one of the world ’ s fastest growing industries, tourism has brought about more diversification and competition among destinations. also, due to innovation and continuous technological developments, tourists have become more hands - on, sophisticated, and demanding. this shift in tourist behavior has led to new tourist destinations in addition to the more traditional destinations of europe, north america, and the caribbean. tourism is also one of the most resilient global industries. through the years, it has proven capable of handling setbacks and adapting to the changing environment in which it has to operate. moreover, tourism helps preserve and stimulate countries ’ natural and cultural heritage. today, investments in tourism even take into account environmental aspects, particularly the prevention of environmental degradation. bis central bankers ’ speeches ladies and gentlemen, moving now to our region, the caribbean is commonly referred to as the world ’ s most tourism - dependent region. tourism constitutes the region ’ s most important economic pillar, contributing 14 % of caribbean gdp and 11 % of its total employment. also, the sector generates the largest share of foreign exchange income. in spite of its small scale and vulnerability to external shocks, our region has registered continued growth in the number of tourist arrivals. in 2014, for example, 26. 3 million tourists traveled to the region, representing a 5. 3 % growth compared to 2013. similar to most caribbean economies, tourism is the most important pillar of the curacao economy. this sector directly contributes 9. 2 % of gdp and 9. 6 % of employment. moreover, 26. 5 % of foreign exchange earnings from the export of goods and services are generated by the tourism industry. the industry also has indirect spin - off effects across all sectors of the economy, particularly the hotels & restaurants, wholesale & retail trade and transportation sectors. furthermore, the tourism sector contributes to the economy in terms of investments and government income. in this context, the tourism industry is highly labor intensive and, therefore, creates opportunities for many small and medium enterprises that provide goods and services to

fehmi mehmeti : the banking sector is able to withstand possible negative shocks speech by mr fehmi mehmeti, governor of the central bank of the republic of kosovo, at the 20th anniversary of the establishment of the kosovo banking association, pristina, 3 november 2022. * * * honoured chairperson of the board of the association of banks mr. lumezi, honoured executive director of the association mr. balija, honoured representatives of financial institutions, dear participants, ladies and gentleman, on behalf of cbk, i congratulate you on the 20th anniversary of the establishment of the association of banks of kosovo and thank you for your cooperation during these years. both throughout the world and in kosovo, the last few years have been quite challenging and characterized by high uncertainty, for the financial system and for the country's economy. as a result of the adequate regulatory framework as well as high supervisory standards, the pandemic situation found the banking sector in kosovo with high levels of capital and liquidity as well as very good quality of assets. also, the prudent measures undertaken by the cbk in cooperation with the financial institutions operating in kosovo have been shown to be very effective in maintaining financial stability and minimizing the consequences for the country's economy in general. this careful and proactive approach has made the banking sector go through this rather difficult period without suffering serious consequences, and today we have a banking sector that has in no way become a burden to the state, on the contrary, it is playing a very important role in lending to the economy and is serving as one of the main pillars of the stability and development of the country's economy. bank lending continues to be a very important and stable source of financing for households and businesses in kosovo. the banking sector, despite the increased risks, has continued to increase lending and maintain the level of sustainability. the value of bank loans until september 2022 has reached 4. 2 billion euros, marking a significant annual increase of 18. 5 %. inflationary pressures, already elevated as a result of post - pandemic developments in the global economy, are now characterized by a marked increase as a result of russian aggression in ukraine. inflationary pressures certainly pose a challenge to financial stability, as they directly affect the solvency of citizens in conditions where incomes are not corrected for inflation. 1 / 3 bis - central bankers'speeches therefore, in this period of geopolitical shocks, we must especially pay attention to