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Caribbean Economic Governance

Project Members: Alvin Curling, Andrew F. Cooper, Andrew Schrumm, Daniel Schwanen, and Indianna Minto

The Caribbean region is economically and culturally diverse, and in general can boast of stable democratic governance and liberal institutions, viable tourism and agricultural industries, proximity to large markets, and monetary stability. Many of the region’s economies possess middle-income status with a few at industrial country income levels.

Looking at the region as a whole, continuous challenges to development, in the form of lackluster economic growth, worrisome poverty, high rates of unemployment and looming government debt, impede further growth and hamper the region’s ability to achieve its full economic potential.

CIGI is undertaking a fresh examination of the way in which the Caribbean region could meet these economic challenges. The project convenes researchers and private and public sector leaders to examine and provide substantive and relevant answers and policy prescription to current economic governance challenges.

Related Materials

Caribbean states should look to social partnerships to counter effects of economic and social crises, says new CIGI-CaPRI report
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Kevin Dias
Current economic challenges offer Caribbean governments an opportunity to implement innovative social partnerships that can address short-term and long-term problems, says a new paper released by CIGI and the Caribbean Policy Research Institute.
Social Partnerships and Development: Implications for the Caribbean
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The effects of the ongoing global financial crisis have intensified the existing economic issues facing the Commonwealth Caribbean, including declining investment, productivity levels and employment opportunities for its citizens. Although the current crisis presents challenges for governments in the region, it also offers an opportunity for these countries to implement innovative solutions to contend with the short-term effects of the financial crisis, while addressing long-standing problems. A solution that has been successful in Botswana, Ireland and Barbados, is the use of social partnerships. Undertaken while these countries were facing economic and social crises, social partnership as a specific governance model allowed them to achieve levels of development and stability that other states yearn to attain.
Focus on trade policy and “disruptive innovations” to stimulate Caribbean economy, says new CIGI report
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The Caribbean “needs to consider strategies and instruments of change that propagate transformation” and “are disruptive of existing structures,” a new paper released by CIGI argues.
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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.
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