CIAO DATE: 12/2011
October 2011
Centre for International Governance Innovation
Growth in the Caribbean region has been on a downward trajectory for two decades. The region is showing dangerous signs of sinking under the weight of excessive introspection — the real debate concerns how to enable change. The Caribbean is not globally competitive, but dependent. The cost of living is high, ratcheted up by inefficient ports, monopolistic transport markets, high fees and taxes. The appearance of “openness” in trade and finance hides protectionism. The economic framework in the Caribbean is shaped by the political structure, making it difficult for governments to alter the economic structure — where state employment tends to be high, few political parties will risk the wrath of public sector workers. Real change has not been undertaken because the current situation in the Caribbean suits the people with influence.
Resource link: Fostering Growth and Development in Small States through Disruptive Change: A Case Study of the Caribbean [PDF] - 758K