Prospects and challenges for the Caribbean

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Prospects and challenges for the Caribbean, Volume 1

Author:	Webb, Steven B.;	Collection Title:	World Bank Latin American and Caribbean studies ; viewpoints
Country:	Guyana; St. Lucia; Grenada; Dominican Republic; Barbados; Haiti; Antigua and Barbuda; Jamaica; Suriname; Trinidad and Tobago; St. Vincent and the Grenadines; St. Kitts and Nevis; Dominica; Belize; Bahamas, The;	Date Stored:	1997/07/01
Document Date:	1997/07/31	Document Type:	Publication
ISBN:	ISBN 0-8213-3946-X	Language:	English
Major Sector:	(Historic)Multisector	Region:	Latin America & Caribbean
Report Number:	16852	Sub Sectors:	Non-Sector Specific
SubTopics:	Governance Indicators; Achieving Shared Growth; Environmental Economics & Policies; Economic Theory & Research; Free Trade	Volume No:	1

Summary: This study assesses the challenge for the Caribbean region: promoting sustainable growth both to use the opportunities arising from its small size and physical proximity to Europe and North America (available resources and a nearby expatriate community for export marketing) and to avoid the dangers of a diminished human capital base caused by emigrants and its attractiveness for criminal activities (drugs and money laundering). Its success in establishing democratic frameworks must be matched by corresponding achievements in macroeconomic stability. Because of the end or decline of preferential trade agreements and the expansion of competitors primarily through NAFTA's enactment, the Caribbean countries need to speed up implementing investments and policy adjustments that will facilitate diversification of the private sector and open them to increased trade. Facing aid reduction and the emphasis by industrialized countries on export development in their assistance strategies, Caribbean countries must increase economic growth by encouraging investment. This means making opportunities more attractive for private saving and financing from at home and abroad. In sum, accelerating growth requires the region to increase trade openness, improve labor and financial market systems, make the public sector more efficient, focus on human resource development and law enforcement, and facilitate private sector growth and make it more export-oriented.


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