63 research outputs found

    The Case for Economic Restructuring Post-COVID-19 in the Caribbean

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    Since the global crisis of 2008-2009, there has been less confidence in the primacy of markets to lead sustainable development among developing countries in general and small island developing States (SIDS) in particular. It is acknowledged that markets need discipline and an institutional context that can support private gains while reducing social costs and delivering less inequality. Prompted by declining competitiveness in leading sectors, and a commitment to addressing the United Nations Sustainable Development Goals (SDGs), governments in the subregion have been developing long-term plans aimed at economic change

    Employment, growth and reforms in Jamaica

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    Includes bibliographyExecutive summary The main objective of this study on 'Growth and Employment' is to determine the ability of the Jamaican economy to generate productive employment, and how this has been affected by reforms implemented in the last 15 years. To this end, the research focuses primarily on labour demand in the formal sector and the dynamics of salaried employment, although the importance of the informal sector and supply dynamics (volume and composition of labour); will be stressed as well.The findings are as follows: Wherever there has been growth and investment there has been labour absorption and this has been to the benefit to both males and females although males seemed to have benefited more overall. This has been the case for every other major sector except for traditional manufacturing, and agriculture which seemed to have suffered in the short run as a consequence of the reforms which removed much of their protection. While investment in manufacture has risen this has not resulted in increased growth, productivity or increased employment. In addition the employment has been in the area of a better quality labour force as the share of workers with limited education has declined in this sector. It is clear that the investment has been in restructuring and retooling rather than output expansion and over time it would be possible to see the impact of these changes. There has been a considerable informalisation of the labour market as self-employed workers, part time workers, contractors and generally lower level workers have been in demand. This has been the result of a structural shift in the economy as the service sector has expanded the expense of the goods sector. In this sectoral shift, women have benefited from the growth and investment in services. Productivity however, has not risen significantly in this sector and employment has expanded at the lower and the upper end of the workforce. This weakly suggests the phenomenon of 'de-skilling' and 'up-skilling' that is simultaneously taking place.There has been a general decline in the share of part time work in the economy as measured by the number of hours worked and an increase in full time employment. There has also been a decrease in overtime employment maybe due to the new tax regime which taxes overtime work. The decline in part time work however, has benefited men more than women as the number of women in part time work has not changed significantly while for men half as much were employed in 1972 as in 1996. This is a very important finding for clearly, while the quality of labour demanded has fallen, working hours have increased which may reflect the tendency to higher returns and less polarisation over time. Wage levels have increased despite the fall in productivity and the rise in labour costs. This may reflect the impact of strong labour unions in an environment of inflation in which wage rates are based on past inflation. This has been a source of conflict however, between trade unions and employers, as employers have been opting for more part time and contract workers on less stringent and legally binding wage contracts and demanding the right to downsize without large compensation packages. There is some tension between current institutional labour arrangements and employee demands for the right to strike in some services. In particular a source of conflict has been the essential services sector which legally their is no right to strike, but workers are demanding the right to strike for better remuneration. The reduced inflation rates to as low as 8 percent in 1997 will certainly remove this source of conflict. There has been increasing industrial tensions between employers and the unions as the reform force changes at the firm and industry levels especially in areas in traditional manufacturing and garments and agro-processing. The number of strikes over remuneration have increased with its resulting impact on days lost. The ESOP scheme was seen as a way to diffuse this situation as workers would own shares in companies and companies would get tax and other incentives. This however has not been effective in a climate of restructuring and downsizing

    Review of selected areas of research on the Caribbean subregion in the 2000s: identifying the main gaps

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    Includes bibliographyThis study has been prepared to assist the French Development Agency (AFD), as part of the implementation of its Framework for Action Regional Caribbean, to identify the main development issues of the Caribbean region and areas of future research. The study focuses on the state of the research in the Caribbean region and proposes areas for future collaboration between the Economic Commission for Latin America and the Caribbean (ECLAC) and the AFD. The areas of enquiry cover economic, social and cultural, environmental and international relations, with an emphasis on public policy. The study also presents the key institutions driving the research and the main outcomes of the publications. It also identifies, subject by subject, the main research gaps which emerge despite the considerable body of research done in the region. Caribbean countries have many similarities such as their relatively small size and high vulnerability to external shocks and environmental disasters, however, beneath these similarities can be found different approaches to growth and development. In terms of coverage, this study focuses principally on the Caribbean Community (CARICOM) member States as well as the CARICOM countries plus the Dominican Republic (CARIFORUM), the associate CARICOM member States, the Caribbean observer members and countries of the French Caribbean territories

    Economic Survey of the Caribbean 2011-2012: positive growth amidst lingering downside risks

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    Includes bibliographyThe current survey provides an overview of the economic performance for 2011 and the outlook for 2012 of the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago, and of the eight member countries of the Eastern Caribbean Currency Union (ECCU), namely Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, St Vincent and the Grenadines, Anguilla and Montserrat. The introduction summarizes the economic performance of the Caribbean in 2011 and the growth outcomes for 2012. Section A examines the current global economic difficulties and the challenges posed for the Caribbean economies. Section B examines growth performance of the subregion. Section C examines fiscal policy and the public debt, while section D examines monetary policy including issues of inflation and domestic credit. Section E examines the balance of payments and the external sector while section F examines the economic performance for 2012 and provides some recommendations in light of current economic challenges. The next section presents country briefs for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago, together with a group assessment of the eight member countries of the Eastern Caribbean Currency Union (ECCU). Annex 1 describes the policies implemented to cope with ongoing global challenges while Annex 2 provides a statistical appendix

    Economic Survey of the Caribbean 2022

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    This survey examines the economic performance of economies of the Caribbean in 2021 and the first few months of 2022 and comprises five chapters. The first chapter gives an overview of global, regional and subregional economic performance in the Caribbean. The second provides an analysis of the subregion’s fiscal performance and debt burden. The third looks at monetary policy and their impacts. The fourth is focused on the external sector, while the fifth concludes.Abstract .-- I. Global and subregional performance .-- II. Fiscal and debt performance .-- III. Monetary Policy and Prices .-- IV. External sector developments .-- V. Conclusion

    Economic Survey of the Caribbean 2021

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    This survey examines the economic performance of economies of the Caribbean in 2020 and the first few months of 2021 and comprises five chapters. The first chapter gives an overview of global, regional and subregional economic performance in the Caribbean. The second provides an analysis of the subregion’s fiscal performance and debt burden. The third looks at monetary policy and their impacts. The fourth is focused on the external sector, while the fifth concludes

    Preliminary overview of the economies of the Caribbean 2021–2022

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    This overview examines the economic performance of economies of the Caribbean in 2021 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter concludes, while the annex includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago, and a subregional assessment of the countries of the Eastern Caribbean Currency Union.Abstract .-- Introduction .--- I. Macroeconomic performance. A. Fiscal and debt. B. Monetary policy, domestic credit and inflation. C. External sector .-- II. Conclusion

    Preliminary overview of the economies of the Caribbean 2012-2013

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    Includes bibliographyIn the face of weak global growth in major export markets the Caribbean economies have underperformed. The situation is much more severe among service producers1 which have suffered the decline in tourist arrivals and offshore banking services. The goods producers have benefited from the commodity boom and have tended to show more robust growth. The expectations for 2013 are that growth will be positive in the region with the service producers growing at 1.5per cent and the goods producers at 3.6per cent. This performance will depend heavily on improved performances in the major export markets. The fiscal policy stance in most countries in the region in 2012 tended to be expansionary with the average deficit increasing from 3.1 per cent of GDP to 3.4 per cent. The economic structure was an indicator of fiscal health as the service producers had greater deficits. The central challenge on the fiscal side in the region is the large debt problem. Between 2011 and 2012 the average debt burden increased marginally from 64.2per cent of GDP to 65.5per cent of GDP and in a few cases the debt burden was in excess of 100 per cent of GDP. This situation calls for a consistent attempt at fiscal consolidation over the medium term. With respect to monetary policy, the stance was mostly neutral given sluggish demand and stable prices. In a few cases, lending rates trended down slightly but deposit rates also declined and money supply remained practically constant. At the same time, domestic credit to both the private and public sector remained unchanged and the private sector remained risk averse. Inflation trends in 2012 were mixed but overall inflation remained relatively low. The current account balance which is a source of growing concern, increased due to rising imports and sluggish exports. Elevated commodity prices helped to keep the cost of imports high .In terms of the financial and capital accounts, there was an increase in FDI inflows to the subregion but much of this was outside of the tourism sector

    Preliminary overview of the economies of the Caribbean 2020–2021

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    This overview examines the economic performance of economies of the Caribbean in 2020 and comprises four chapters. The first chapter provides a comparative analysis across Caribbean economies of the main macroeconomic variables, namely GDP growth, monetary indicators, as well as fiscal and external accounts. The second chapter looks at areas of focus in the Caribbean. The third chapter concludes, while the annex includes individual country briefs that give an overview of the economic situation for the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and a subregional assessment of the countries of the Eastern Caribbean Currency Union.Abstract .-- Introduction .-- I Macroeconomic performance. A. Fiscal and debt. B. Monetary policy, domestic credit and inflation. C. External sector .-- II. Conclusion
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