World Bank Group launches Caribbean Growth Forum

-to stimulate economic growth, job creation

The World Bank Group last Thursday launched the Caribbean Growth Forum (CGF), a platform for dialogue aimed at promoting policies and partnerships for increased economic growth.

According to a World Bank press release, the scheme is a one-year partnership among the World Bank, the Inter-American Development Bank (IDB) and the Caribbean Development Bank (CDB), with support from the United Kingdom Department for International Development (DFID) and the Canadian International Development Agency (CIDA) that will facilitate the sharing of knowledge and ideas on policies to stimulate sustainable and inclusive growth and job creation. The IDB, World Bank and the CDB singed an agreement formalising their collaboration during the CDB Board Meeting in the Cayman Islands.

The CGF will build on existing partnerships and invoke stakeholders from the public and private sectors, academia and civil society as well as in the Caribbean Diaspora, the release said. “We want to facilitate a Caribbean-led transformational dialogue generating fresh thinking on innovation-based growth-oriented policies,” Francoise Clottes, World Bank Director for the Caribbean, explained.

The Forum will draw from practical development initiatives and research to address cross-cutting regional challenges, such as studies on how to enhance the business environment for existing and new investors in the Caribbean; proposals to unleash stronger competition; policy options to reduce public debt and analyses to improve transportation logistics in the region.

CDB President Warren Smith also noted that accelerating and sustaining inclusive growth is arguably one of the most pressing development challenges preoccupying the region’s leadership and CGF offers an exciting and innovative platform for networking and open exchange of ideas on constructive ways to address the challenge.

According to the Bank, Caribbean countries face many common challenges, such as frequent natural disasters, a small size and lack of economies of scale as well as vulnerability to external shocks. “Economic growth has been structurally low in the region, and most countries experienced a significant economic contraction due to the 2008 global financial crisis,” it said.

In contrast to Latin America, which grew by six percent in 2011, Caribbean countries only grew by an average of 2.3 percent. Caribbean economies also face serious debt challenges. Public debt-to-GDP ratios have reached 100% in a number of countries over the past few years.

“Caribbean countries need to reposition their economies to face emerging challenges in an increasingly integrated global economy,” said Kurt Focke, Division Chief of the Capital Markets and Financial Institutions Division and Chairman of the Compete Caribbean Programme, IDB. The region has done well in capitalising on its natural endowment and geographic location to generate growth, he said, adding that it needs to transition from natural resource-based growth to innovation-based growth.

The first regional conference of the CGF will be held from June 18-19 in Jamaica, followed by Digital Jam 2.0 from June 28 to 30 that will focus on youth and jobs in the Information and Communication Technologies sector.

Comments  

Law to debar errant contractors coming by year end – Corbin

The Public Procurement Commission (PPC) hopes that by the end of this year debarment legislation would be in place as it will soon begin meeting with stakeholders on a draft.

House passes witness protection bill

A bill to provide a legal framework for the protection of witnesses was passed without amendment by the National Assembly on Friday evening despite arguments by the parliamentary opposition that it failed to take into account modern challenges.

Over $7M seized in Soesdyke raid expected to trigger money-laundering probe

The ownership of over $7 million in local and foreign currencies and several vehicles that were all seized during a raid by the Customs Anti-Narcotics Unit (CANU) at Soesdyke, East Bank Demerara on Friday has raised questions and a separate probe is expected to be launched.

Exxon set to begin drilling new well

Weeks after its major oil find at the offshore Ranger-1 well in the Stabroek Block, ExxonMobil’s local subsidiary is preparing to begin drilling at the Pacora-1 well site in the same area.

For terminal cancer patients, Beacon hospice offers ray of hope

The final days for cancer patients can be consumed by pain and loneliness.

By ,

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×