Seminar: Enhancing Productivity and Growth in the Caribbean
Date & Time: Wednesday, May 24 at 2:00 p.m. – 4:00 p.m
In the past four and a half decades, the growth of Caribbean economies relative to their comparators has been weak. Several studies have highlighted low growth as a key regional vulnerability and a major development challenge facing the Caribbean. Among the identified causes of low growth performance have been low growth in factor inputs such as labour and capital, both public and private; the weakness of public sector institutions; poor governance relative to comparatively similar countries; and limited improvements in technology, innovation and know-how. In the empirical literature, low productivity growth in particular has been identified as the dominant cause of the Region’s uncompetitive performance.
The study seeks to identify policy initiatives that substantially strengthen Caribbean regional growth performance over the medium to long term. However, the thematic focus of the study is on developing initiatives to enhance productivity through, for example, improved access to information and communications infrastructure and development of the Region’s innovation system. In relation to the latter, the study will explore strategies that: (i) encourage the creation of innovation through the support of industry clusters; (ii) incentivise research and development and adoption and adaption of imported technologies; and (iii) develop mechanisms through which innovations can be absorbed into the economic and social development process.
Summary of key vulnerabilities– Small labour force; low levels of gross domestic investment; poor governance; limited improvements in technology; slow rates of innovation; productivity and economic growth.
Resilience Building Strategies- Identification of growth-enhancing strategies with an emphasis on strategies for stimulating productivity growth.
Managing Director, Republic Bank, Trinidad and Tobago
Minister of Finance, Government of Suriname
Governor, Eastern Caribbean Central Bank
President, Caribbean Congress of Labour
Director, Economics Department, Caribbean Development Bank