COVID-19 has brought the urgent need for regional integration to the forefront of the political discourse. This is particularly important in the Caribbean region, where countries depend on trade. However, between 2000 and 2015, the share of intraregional trade in the Caribbean fell from 13 percent to 10 percent of total trade. Costs, particularly those linked to non-trade … [Read more...] about Could Distributed Ledger Technology improve Caribbean trade?
Institutions and the historical conditions that influenced their formation are now widely considered important to understanding differences in economic development across countries. There are alternative views on the channels through which the colonial experience influenced present-day development outcomes. Some economists have argued in favor of a “colonizer effect,” whereby … [Read more...] about Colonization and Institutions in the Caribbean
Innovation levels in the Caribbean region are relatively low. On average, roughly 19 percent of Caribbean firms reported having engaged in some form of innovation in the past three years. The range varies from the lowest, at 4.8 percent of firms in Dominica, to the highest at 53 percent of firms in Guyana. A higher proportion of firms reported their intention to engage in … [Read more...] about How much do workforce skills matter for innovation in the Caribbean?
The debt to GDP ratio in Suriname increased by 35.6 percentage points in 3 years, moving from 29% of its GDP in 2014 to 64.6% in 2016. It’s the largest increase in a debt ratio recorded in Latin America and the Caribbean (LAC) over the period. Trinidad and Tobago, Belize and Brazil were the only other countries that experienced double digit increases over the same … [Read more...] about Suriname’s Debt Surge: What’s Driving It?
Suriname experienced a triple commodity shock in 2015. The price of gold declined by 30 percent relative to 2012, oil prices declined by 56 percent relative to 2012 and alumina production came to a halt (Figure 1). With these three commodities being the mainstay of Suriname’s economy, it was like a “perfect storm”. The result was a sharp drop in economic growth and rapid … [Read more...] about Fall from Grace: How Suriname’s Macroeconomic Fundamentals Have Changed After The “Perfect Economic Storm”