##cen. gov / sites / default / files / shared / fta - check - fraud - final508. pdf. see u. s. department of the treasury, “ treasury announces enhanced fraud detection processes, including machine learning ai, prevented and recovered over $ 4 billion in fiscal year 2024, ” news release, october 17, 2024, https : / / home. treasury. gov / news / press - releases / jy2650. - 6some consumers, like those with poor or no credit history but with sufficient cash flow to support loan repayment. 7 ai could be used to further expand this access, as financial entities mine more data sets and refine their understanding of creditworthiness. of course, we also know that using ai in this context — in a way that has more direct impact on credit decisions affecting individual customers — also presents more substantial legal compliance challenges than other ai use cases. ai also has promise to improve public sector operations, including in regulatory agencies. as i have often noted, the data relied on to inform the federal open market committee decisionmaking process often is subject to revisions after - the - fact, requiring caution when relying on the data to inform monetary policy. 8 perhaps the broader use of ai could act as a check on data reliability, particularly for uncertain or frequently revised economic data, improving the quality of the data that monetary policymakers rely on for decision - making. additional data as a reliability check or expanded data resources informed by ai could improve the fomc ’ s monetary policymaking by validating and improving the data on which policymakers rely. while these use cases present only a subset of the possibilities for the financial system, they illustrate the breadth of potential benefits and risks of adopting an overly cautious approach that chills innovation in the banking system. over - regulation of ai can itself present risks by see board of governors of the federal reserve system, consumer financial protection bureau, federal deposit insurance corporation, national credit union administration, and office of the comptroller of the currency, “ interagency statement on the use of alternative data in credit underwriting, ” news release, december 12, 2019, https : / / www. federalreserve. gov / supervisionreg / caletters / ca % 201911 % 20letter % 20attachement % 20interagency % 20statement % 20on % 20the % 20use % 20of % 20alternative % 20data % 20in

social and infrastructural services as we are basically boosting activity in the weak months. 3. economic impact data analysis has shown that the multiplier effect of tourism is economic impact economic contribution quite significant. every dollar spent in tourism permeates through direct : indirect : the economy, benefitting various sectors, from agriculture to 12 - 15 % 20 - 25 % transport. estimates suggest that the average gdp per capita gdp per capita impact of an additional $ 100 of tourism expenditure is between every $ 100 short - term : long - term : $ 35 and $ 54 in the short - term, and roughly $ 150 in the long - term. spending by approx. $ 54 approx. $ 150 in other words, in the short - term, as much as 50 percent of tourist tourist : spending translates to gdp, and because of the dynamic effects, that same tourism spending generates 150 percent increase in gdp in the long - term. recommendation : we need to further deepen those economic linkages particularly by strengthening local supply chains. prioritising local suppliers for goods and services will not only keep funds within barbados by reducing imports, but will also enhance the authentic barbadian experience our visitors seek. 2 | page 4. digital engagement our digital metrics depict a clear trend : tourists are increasingly relying on online platforms to plan, book, and share their experiences. here are some of the changes we observe. booking behavior is changing : according to google, over 85 percent of holiday bookings in 2019 were made online, while emarketer reported that in 2019, over 60 percent of travelers worldwide used their smartphones to book their accommodations and flight tickets. the role of social media is changing : a report by globalwebindex in 2019 showed that around 40 percent of internet users between 16 to 24 years of age used social media to research products, which includes travel - related services. similarly, a survey by turnto networks showed that around 90 percent of consumers indicated that user - generated content influenced their purchasing decisions more than promotional emails and search engine results. reviews and recommendations matter even more : tripadvisor reported that in 2019 that they had an average of 456 million monthly users, indicating a vast number of tourists rely on reviews to plan their trips. according to brightlocal ’ s 2019 local consumer review survey, 90 percent of respondents used the internet to find a local business in the last year, with 33 percent looking every day. content sharing is critical : instagram