With growth rates for the World Economy of 3.8 percent in 2017 (and similar expectations for 2018), the IMF declared in 2018 that the World Economy was in a ‘cyclical upswing’ but also warned that ‘For most countries, current favorable growth rates will not last.’ That forecast has proven to be correct, even though the speed at which the World Economy has slowed has come as a … [Read more...] about A Synchronized Slowdown of the Global Economy – Is the Caribbean in Sync?
In January of this year, Minister Marsha Caddle of Barbados announced the creation of a Doing Business (DB) subcommittee with the objective of improving the country’s ranking in the World Bank’s Doing Business indicator (DBI). In announcing a specific desire to climb in the Doing Business ranking, Barbados joins countries like Jamaica, China, India and Russia. In light of the … [Read more...] about Doing Business in the Caribbean, or Not?
In 2008, Jamaica was hit by the world economic downturn when it was already plagued by years of weak economic performance as well as high and increasing debt levels. As a result of the additional pressure from the global financial crisis, Jamaica's fiscal situation quickly became unsustainable. Starting in 2010, Jamaica’s government took decisive actions, including two domestic … [Read more...] about Jamaica’s Economic Stabilization Program: Four Lessons from its Debt Operations
In a recent publication “Financial Depth, Access, and Inclusion in the Caribbean” (March 2019), IDB economists from across the Caribbean region review the linked issues of financial development, access, and inclusion, with a view to identifying trends, common features, and potential areas for reform. The importance of financial access and inclusion for inclusive and sustainable … [Read more...] about Sustainable Development in the Caribbean: The Importance of Financial Access and Inclusion
Economists are a depressing bunch. Our role is to anticipate and assess risks, which one could argue makes us too despondent. And if you’re lucky enough to get an optimistic outlook from one of us, it will follow by something like ‘on the other hand, the risks are skewed to the downside’. That said, we just published the December 2018 Caribbean Regional Quarterly Bulletin, … [Read more...] about The Caribbean Economic Outlook in Three Graphs