Developments and Challenges in the Caribbean Region

Occasional Papers, December 4, 2000

Source details

Authors: Simon Cueva, Stephen Tokarick, Erik J. Lundback, Janet Gale Stotsky, Samuel P. Itam
Published: December 4, 2000
Series: Occasional Papers
DOI: https://doi.org/10.5089/9781557759504.084

Focus: the independent states that are full members of the Caribbean Community.
Purpose: provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead.
Comparative approach: concentrating on the regional perspective permits a comparison of the individual responses to similar problems and illuminates the countries' movement toward convergence.
Medium-term outlook: the economic prospects for the region are generally satisfactory over the medium term, but projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world.

Common problems: Caribbean countries face several common problems and must deal with similar economic policy issues.
Convergence: regional view throws light on movement toward convergence among countries.
Dependence on external developments: favorable regional projections are conditional on favorable developments in the rest of the world.
Risks identified:
- slowdown in growth in the major trading partner countries
- a term of trade shock

Need for governments to pursue appropriate policies to realize the medium-term favorable outlook.
Principal policy areas implied by subject keywords:
- Economic sectors
- Exports and Imports
- Inflation and inflation differentials
- International trade and Trade facilitation
- Prices and world commodity developments
- Public sector management, including public sector deficit and public sector wage bill
- Revenue administration