ECON1009 - A Blueprint for Caribbean Economic Development

1. Social and Human Development

1.1. high poverty

1.2. high crime

1.3. declining birth rates

1.4. high youth unemployment

1.5. increasing income inequality gaps

1.6. low-impact poverty alleviation funds

1.7. Education not consistent with workforce requirements

2. Environmental

2.1. Climate change

2.2. increasing severity in the natural disasters

2.3. high cost of reconstruction

2.4. insufficient regional spread of the cost associated with risk mitigation

2.5. high income status prevents ability to access international funding

2.6. challenges with the development of a regional resilience fund

2.7. climate change adaptation tools and funds

3. Cross-cutting Interventions

3.1. regional integration

3.2. inter and intra-regional trade

3.3. poor business facilitation

3.4. inadequate regional and high cost of interconnectivity

3.5. poor port infrastructure

3.6. weak institutional and governance frameworks

3.7. high aviation taxes

3.8. traditional low value export mix

4. private sector-led growth preferred

5. Macroeconomic

5.1. growth concentrated around volatile sectors

5.2. declining FDI

5.3. increased international financial security and blacklisting

5.4. increasing intensity of weather events and major damage to physical infrastructure on a national scale

5.5. trade deficits

5.6. high and volatile price of oil

5.7. insufficient foreign reserves

5.8. fiscal imbalances

5.9. extensive government borrowing to cover current account activity

6. Productivity and Competitiveness

6.1. low ranking in productivity and competitiveness index

6.2. public sector bureaucracy and sluggishness

6.3. poor business facilitation

6.4. high ICT and infrastructure costs

6.5. inadequate to poor broadband infrastructure and connectivity

6.6. low regional total factor productivity

6.7. greater investment in research and innovation

6.8. prohibitive cost and reliability of regional inter-connected transportation