CDB: Fresh strategies needed for growth

If Barbados and other countries in the region want to enhance productivity and economic growth, new initiatives and strategies must be explored.

Director of Economics at the Caribbean Development Bank (CDB) Dr Justin Ram highlighted this point as he presented the findings of a recent survey carried out in the Bank’s member states.

He said the study, entitled Enhancing Productivity and Growth in the Caribbean,  found that the region was pressed to find new ways of improving economic performance and productivity, adding that it was more urgent now than ever.

Ram made the comments in a presentation during a seminar at the CDB’s 47th Annual Meeting of the Board of Governors in the Turks and Caicos Islands this week.

“There is an urgency to find new ways in improving total factor productivity and propelling economic growth in the Caribbean, with the region facing significant economic challenges associated with high levels of unemployment and underemployment and poverty; high fiscal deficits; high public debt; reliance on slow growing economic sectors; high levels of volatility; various economic and environmental threats; and the strain of maintaining adequate levels of foreign reserves,” he said.

The study suggested that the region could enhance productivity and economic growth by focusing on foreign direct investment, information and communication technology, research and development and innovation, as well as industrial clustering.

President of the CDB Dr Warren Smith said the areas highlighted by the study were intended to provide a practical set of policy measures to advance the growth agenda.

The study also put forward several recommendations to strengthen policy, institutional and regulatory frameworks around the four key areas mentioned.

It proposed the creation of a regional strategic plan for improving the ease of doing business, the provision of incentives and financial support to boost research and development and innovation, as well as development and access to ICT.

It also recommended strengthening of the human capital base through various human resource development strategies; engaging the Caribbean diaspora; reducing the cost of ICT services; and strengthening the regulatory framework governing research and development, intellectual property, tax incentives, access to finance and cluster development.

Source: (PR/MM)

6 Responses to CDB: Fresh strategies needed for growth

  1. jrsmith May 26, 2017 at 4:46 am

    The only thing on corrupt politicians minds , what benefit to them
    financially ………….

    Reply
    • Jennifer May 26, 2017 at 5:40 am

      jrsmith – you is something else – funny. There is nothing else they can do.

      Reply
  2. Tony Webster May 26, 2017 at 6:12 am

    Our HOGS stalwarts, ought to carefully listen to what Dr.Smith and his team, have to say. C.D.B., bless them, has bent over backwards, in seeking to both extend development funding, as well as rescuing the hapless from less-heralded fiscal misadventures. They have even been known to send in pre-implementation teams, into certain member-states, when there was insufficient local technical capacity, to either prepare project/ loan proposals; or to manage the roll-out of the project(s), and associated loan drawdowns.

    I suggest that their advice be given fullest attention and respect, assuming of course, that our Gorilliphants yet retain some modicum of concern for the futures of their current and future citizens… besides their own financial well-being.

    HEY GUYS: IT’S YOUR TURN…TO PLAY!

    Reply
  3. Helicopter(8P) May 26, 2017 at 11:14 am

    So the progressive individuals of Barbados who mentioned the same highlighters for productivity are now being thought of as wise and not blow hards?

    Reply
  4. mikey May 26, 2017 at 7:56 pm

    @Jennifer, there is nothing funny about what jrsmith had to say about the article. As usual jrsmith’s comments were again far off-target talking about corrupt politicians.
    May I ask jrsmith where in the world there are NO CORRUPT POLITICIANS ?
    The CDB is operated by a group of regional experts who advise and lend money to the islands of the region for “developmental” purposes. jrsmith should stick to that SCRIPT, stop crying and complaining about politicians and instead to to understand what Dr Ram and Dr Smith are saying about what governments have to do in order to be productive and have economic growth.
    MAYBE WHAT THEY ARE SAYING IS TOO HIGH FOR jrsmith so he has to go down to “LOWDOWN LOWDOWN AND LODEBAR” rather than critique what is being said.
    @jrsmith, KEEP ON MUMBLING AND GRUMBLING.

    Reply
    • jennifer May 26, 2017 at 8:08 pm

      @Mikey – Mr smith knew exactly what I meant. It was SARCASM hun. He has gotten to know me by now.

      Reply

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