What’s next for the Caribbean economy?
According to the Caribbean Development Bank, the region is projected to see economic growth of around 1.7 percent this year.
The CDB’s Director of Economics, Dr. Justin Ram, warns that this won’t be enough to stimulate employment in the Caribbean, particularly among young people, and to reduce high regional debt levels.
Ram is urging regional policymakers to create an environment which “increases productivity and enhances competitiveness, including a more welcoming doing-business environment, access to financing for Micro, Small, and Medium-sized Enterprises (MSMEs) and labour market reforms.”
“In this endeavor, it would be necessary to reform governance structures and institutions to support the new paradigm. Governments would have to be willing to stabilize their economies through fiscal and debt consolidation, implement structural reforms that enhance growth and develop strong, targeted social development programmes,” he said.
— Caribbean Journal Staff