While 2022 represented a year of recovery for the Caribbean, following drastic economic contractions for many economies in 2020, exogenous economic shocks derailed anticipated progress. High fuel prices spurred increases in transportation and electricity costs across the region, contributing to rising headline inflation. The most recent edition of the IDB’s Caribbean Economics … [Read more...] about Riding the economic waves: Trinidad and Tobago’s navigation through the headwinds
Economic diversification in Trinidad and Tobago is imperative, although diversification away from the energy sector has largely failed. A country with a perfectly diversified export portfolio will have an index close to 0 (most diversified), whereas a country that exports only one product or to one country will have a value of 1 (least diversified). In Trinidad and Tobago, … [Read more...] about Why we need Economic Diversification in Trinidad and Tobago
Montego Bay, Jamaica – Photo by Ramon Zamora Did you know that the Caribbean is a place where 70 percent of those who fish or work on the waters do not even know how to swim? In fact, some in the Caribbean see the Sea as more foe than friend. Over the past few years, the term “Blue Economy” has gained traction. For some, it refers to any economic activity in the maritime … [Read more...] about How the Caribbean Sea Can Help Improve Lives Financially
In identifying binding constraints to growth of developing member countries, ADB and other multilateral development banks have adopted the Hausmann-Rodrick-Velasco methodology. In principle the methodology is relatively straightforward: by looking at all the possible constraints to private investment—the main driver of economic growth in a given country–in comparison to its … [Read more...] about Rethinking the growth diagnostics framework
https://youtu.be/fQBSE12KzzI I made my first trip to Haiti in mid-2009, when my curiosity led me to visit a nonprofit organization I had read about in a book. I was so impressed by their work that I opted to join in and teach English to a classroom full of young boys and girls and I fell in love with their beautiful smiles. A year later, I returned, but this time I … [Read more...] about Can a Red T-shirt Really Save a Life?