Positive economic growth expected for Caribbean in 2018, but resilience-building measures needed

Dr. Justin Ram

February 7, 2018, BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) is projecting regional economic growth of 2% in 2018. This follows a return to positive figures last year, during which the Region experienced overall growth of 0.6%–despite the devastation caused by the Atlantic Hurricane Season.

Director of Economics at CDB, Dr. Justin Ram, says that all of CDB’s Borrowing Member Countries (BMCs) are expected to contribute to the positive movement.

 “This is mainly driven by the return to growth in Trinidad and Tobago and a 2.3% uptick in Jamaica, which accounts for about a fifth of regional GDP. The highest growth rates are anticipated for Anguilla and Dominica as they rebuild from the damage caused by the 2017 hurricanes. Antigua and Barbuda and the Turks and Caicos Islands are also expected to have strong growth.”

Dr. Ram was speaking during CDB’s Annual News Conference on February 7, 2018. He noted, however, that although a return to growth is encouraging, the Caribbean still lags behind other small developing states. In the Region, growth has averaged 0.8% since 2009, compared to an average of 4.8% in other country groups.

Caribbean Development Bank
The Caribbean Development Bank (CDB), is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them, having special and urgent regard to the needs of the less developed members of the region (Article 1 of the Agreement establishing CDB). In the Revised Treaty of Chaguaramas, the CDB is recognised as and Associate Institution of CARICOM.
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Grenada to host CDB’s 48th Annual Meeting

cdb logoGrenada will host the 48th Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB), which is scheduled to take place on May 30 and 31, 2018. The programme for this year’s Meeting will focus on resilience, against the backdrop of one of the most devastating hurricane seasons the Caribbean Region has experienced in recent history.

Approximately 400 delegates, including Government Ministers and officials, private sector representatives, members of civil society, academia, and media are expected to attend the Meeting. The event will highlight the impact of the Bank’s investments in its 19 borrowing member countries (BMCs). In addition, participants will take part in strategic discussions on resolving some of the Caribbean Region’s most pressing economic and social development issues.

“CDB thanks the Government of Grenada for agreeing to host the Bank’s 48th Annual Meeting. We look forward to working hand in hand with local officials on this flagship event. I am optimistic about the outcomes the Meeting will realise as our partners gather with a common goal to help this Region achieve resilience in all its forms,” said Dr. Wm. Warren Smith, President, CDB.

Read more at: Caribbean Development Bank

Bahamas PM warns region at great risk of climate change

CDM 10 underway in The Bahamas (Photo via CDEMA)
CDM 10 underway in The Bahamas (Photo via CDEMA)

NASSAU, The Bahamas, Dec 5, CMC – The 10th Caribbean Conference on Comprehensive Disaster Management (CDM) has begun here with Prime Minister Dr. Hubert Minnis noting that small-island developing states in the region are at great risk of climate change.

The conference, which ends on Saturday, is being held under the theme ‘CDM: The Road to Resilience Check Point 2017 – Building Resilience through Partnerships’.

It is taking place as the region continues the rebuilding efforts following the end of the 2017 Atlantic Hurricane season that saw two category five storms – Irma and Maria – cause widespread destruction and death across the Lesser Antilles as well as the Bahamas.

Antigua and Barbuda, Dominica, Anguilla, the Turks and Caicos Islands and the British Virgin islands were among the islands hard4est hit after the hurricanes pounded the region with winds in excess of 200 miles per hour.

Via CMC (more…)