May 25, 2017, PROVIDENCIALES, Turks and Caicos Islands – If the Region is to enhance productivity and economic growth, new initiatives and strategies must be explored. A study by the Caribbean Development Bank (CDB), entitled “Enhancing Productivity and Growth in the Caribbean”, suggests ways of enhancing productivity and economic growth by focusing on four main areas: foreign direct investment (FDI); information and communications technology (ICT); research and development (R&D) and innovation; and the adoption of industrial clustering to promote innovation and productivity.
“There is an urgency to find new ways of improving total factor productivity and propelling economic growth in the Caribbean, with the Region facing significant economic challenges associated with high levels of un- and under-employment and poverty; high fiscal deficits; high public debt; reliance on slow growing economic sectors; high levels of volatility; various economic and environmental threats; and the strain of maintaining adequate levels of foreign reserves,” said Dr. Justin Ram, Director of Economics, CDB.
Dr. Wm. Warren Smith, President, CDB, noted: “The study sets out a core set of productivity enhancement strategies which can propel economic growth onto a higher and more sustainable path, and improve the lives of ordinary Caribbean people over the medium to long term. The proposals set out in the study are intended to provide a practical set of policy measures to advance the growth agenda.”(more…)