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This book identifies ways in which the U.S. trade and aid policy can most help the Caribbean Basin. A number of impediments to future development in the Caribbean, including the small size of the countries and companies in the region, limited infrastructure development and trade policies that feature government reliance on tariff revenue are reviewed. Furthermore, a number of policies are identified and discussed in this book that could help speed development by increasing the scale of markets for Caribbean countries. To address problems faced by small economies and enterprises, this book examines the ways in which the U.S. could increase regionally focused assistance, such as through the creation of educational programs designed to facilitate understanding of export opportunities and trade benefits, as well as through programs to improve understanding and compliance with international regulations regarding port security and food safety. Infrastructure improvements, along with skilled and educated work force, have been identified as the crucial factors for investors in the Caribbean, particularly in higher wage sectors. This book suggests that, to address limitations in port infrastructure, the U.S. could improve co-ordination on shipping and security issues with Caribbean countries to increase shipping reliability and to reduce time to market. The U.S. could also support training programs to increase the number of skilled workers in the region.
Several countries in Latin America and the Caribbean are suffering severe economic downturns and the success of market-oriented reforms is being called into question. This report seeks to contribute to the debate by examining the nature of economic growth in the region. The aim is threefold: to describe the basic characteristics of growth; explain differences across countries and to forecast changes over the next decade.
After earlier success, growth performance in most Caribbean countries has been disappointing since the early 1990s. With slower growth, output has fallen behind that of relevant comparator countries. This paper analyzes the growth experience of the Caribbean countries from a cross country perspective. Three findings stand out. First, the slowdown in growth is explained more by a decline in productivity rather than a lack of investment. Second, tourism has been a significant contributor to higher growth (through both capital accumulation and productivity) and lower output volatility, and in many countries there is scope for further expansion of this sector. Third, the small size and the fact that most of these countries are islands have limited growth. Policies aimed at improving productivity, further development of the tourism sector, and regional integration could pay dividends in terms of higher growth in the region.