Central American and Caribbean countries can reduce their oil dependency and shield themselves from high oil prices through a combination of renewable energy, energy efficiency programmes and regional energy integration, says a new World Bank report.
For countries in Central America and the Caribbean, the average improvement in the current account balance would amount to approximately 1.6 percent of gross domestic product (GDP).
At the country level, Guyana and Nicaragua could witness reductions in their current account deficits of up to 5 percent of GDP, while Haiti and Honduras could see reductions of
