By Adelle Roopchand
PORT-OF-SPAIN, Feb 5 2020 (CNS) – Doing business in the Caribbean is becoming more and more difficult compared to other regions, Dr. Justin Ram, Director of Economics at the Caribbean Development Bank (CDB) said.
“There comes a time for a reckoning that we are as a region much better working together in the various sectors to achieve economic growth,” Ram said.
The CDB director said the Caribbean spent more than two decades with its Gross Domestic Product (GDP) per capita above the world average in financial transactions, but in 2016 it dipped below the world average.
“This is not good because it affects economic growth, which is important to help people out of poverty and increase economies,” Ram said.
“If this trajectory continues, the Caribbean will be the poorest region in the world by 2050.”
According to a CDB 2018 report on Sustainable Caribbean Economy, some key challenges facing the region include macroeconomic, productivity and competitiveness, human development and environmental.
Regarding the development of the region’s agriculture sector, Ram explained that the main indicator of lack of productivity and competitiveness is the ease of doing business in the Caribbean.
“Currently the Caribbean ranks 125 of 191 in the world, down from 91 a decade ago on average,” he said.
“Some countries are performing better than others. It is easier to do business in places of conflict such as Gaza and the West Bank with a ranking of 116, than it is to do business in the Caribbean.
“The CDB is looking at innovation in the financial sector using digital networking that could improve how the Caribbean does business,” Ram added.
Last October Ram addressed a Caribbean policy experts’ dialogue for agro-tourism policy setting in the Caribbean held in Barbados.
The event, organised by the Technical Centre for Agricultural and Rural Cooperation (CTA) and Inter-American Institute for Cooperation on Agriculture (IICA) with support from the European Union, looked at facilitating financial transactions, re-trade and investment for agro-tourism across the region.
Ram explained that productivity per worker in the Caribbean’s agricultural sector is 10 times less than in the United States.
Further, he added that climate change is having its impacts on the region and the sector while there is vulnerability to supply and price swings.
“There is even a greater need for finance flow amid climate change and food security,” he said.
Ram outlined some cross-cutting solutions, to include financial-flow with the use of digitization, noting that digital solutions can help the region lower the risk of losing foreign exchange earnings through the intermediary banking transaction, so that payments do not have to go from the Caribbean to the United States and then back to the Caribbean.
“Upgrading the way, we do our transactions through digitisation will allow for real-time financial and trade data to be shared within the regional partners,” he said.
“Using digital transactions can allow this info to be stored and used as an equivalent of a credit score. On the end of the policymakers, tax data and payments can be sent directly to treasuries.”
Ram called for stakeholders to, “Push your governments to move towards 5G technologies, because this will facilitate these types of transactions, thus allowing for equity in the markets along with integrated trading within the region.”
According to Ram, there is development within the region for portable point of sale terminals that allows for automatic data collection and storage of information, which could be beneficial in more ways: “free movement of capital across the region, reduced transaction costs, faster and convenient transfers, digital finance network effects and improved financial inclusion — giving many farmers access to credit and allowing their businesses to grow while improving economies.”
I believe in order to stop the Caribbean Islands from being a poor place given such a time span ,
We need to get serious about our relationship with each others island . This region belongs to us and we should take every position to protect it from bringing shame on all of us.
Agriculture and trade should be our main concern and goal to combat poverty and develop a successful and sustainable growth to our Islands economy.
We need commonsence caring educated leaders who will not become selfish and dishonest to our people. Put God in whom we believe is able to do exceedingly well about all that we can hope for .
When God is foremost everything will work together for our good .
In Daniel chapter 5 Daniel told the king that he know what happened to his father Nebuchadnezzar and he failed to acknowledge it , but to proceed to pride himself in doing wickedness. Immediately the writing was on the wall .
In order to be successful the leaders have to honor God . Because he holds the breath in our nostrils.
He set up kings/ leaders and he takes them down .And it’s the worsted any man can want when God does such things . Plus it goes on your record for Judgment. Ecc:12 : 23-24 . The Caribbean leaders should ask God for Knowledge for good
leadership.
Next we need a regional (defensive force ) not an individual Island defense force. This is tying the Islands chains to make security decisions stronger.
As God is in the midst ,
be honest and think Godly in your dealings .
I guarantee all of you that our Islands will not have to depend on anyone. We will be sufficient and efficient effective and successful for our children and grandchildren to come and enjoy the blessings you by the Help of God has provided. As the new year begins , start now and plan take action. God loves willing obedient people to help them through their wilderness.
Remember Caleb and Joshua ? We will go up .
Were they successful?
I believe they were .
Barbados dont need to sent it people to Canada .. they’re thousands of unemployed workers and acreage of land in Barbados to do agriculture in. Free up the plantation land and let the workers use they skills at home . Development a black belly sheep farm , that’s an exclusive sheep to the Caribbean Islands and other parts of the world, that can be exported and help the country economy. I believe this sheep will bring in a billion dollars a year given the right approach and management .
The manure can be used to fertilize the ground / garden for our Non GMO crops and other products plus export it to the other Islands for crops production .
Talk about making money …but first bind those monkeys to have a successful agricultural program.
Here my idea use a plantation or lands in st hilly parts of the Island to house them call it a park whatever plant fruit trees for they foods to avoid them destroying the agricultural industry.
Set up a program to capture them and bring them into this designated place where they can still have they existant .
Barbados can be the place the world will want to come and will boost out tourism economy if we ask God for Knowledge to develop it . When these developments plans and programs are in place . We will not be lacking any healthy lifestyle. Our people will live under a Godly trust .
These comments and ideas should be given to our Government to study and assess to put in place .
It’s my recommendation.
I didn’t even bother read the article from the CDB Doctor. Based on what’s going on in the islands,if an island called Dominica is any example of where the so-called Caribbean is going, doomsday and hell is awaiting! I have to agree with a president who called these countries shithole! When one has a one-man rogue regime holding the power of governance by any means on that slave plantation mentality island of doominica with support from other Caribbean leadasses,do you all expect any better!? If this is the trend,it will be sooner than 2050! So when all these young inexperienced and unproductive phds just talk for talking sake, cause most of them are politrickal appointees, these roguish islands will continue to fail!!!