Aspects of Caribbean Economic Development with particular reference to the OECS

In his booklet: ASPECTS OF CARIBBEAN ECONOMIC DEVELOPMENT (with particular reference to the Organisation of Caribbean States) Caribbean Economist and Business consultant, Ferdinand A (Tony) Azille, examines a number of issues which affect the Region’s development and underlines the importance of genuine partnership between the public and private sectors.

He says, during the global financial and economic crisis it became clear that absolute free market was not workable and that some measure of government intervention is inevitable – that where there are social and economic imbalances (as in most, if not all Caribbean economies) there is even a greater case for government intervention.

He places the view of the Eastern Caribbean Central Bank (ECCB) of monetary stability in the sub-region side –by –side with many governments and economic /business commentators’ views of the social and economic problems of the region and asks if there is a paradox of the stability which is said to exist being destabilising.

In view of the EC dollar’s peg to the US dollar, he points to apparent ECCB’s monetary policy constraints however, while not making any direct comparisons between the OECS and USA economies, he explains how active conventional and non-conventional monetary policies have had beneficial impact on economic performance in the United States of America.

He believes employment / unemployment ought to be an important objective of economic policy and should be given the attention which it deserves. He examines the levels and changes in population in some OECS countries over the years and draws attention to the important role of population in generating growth and development.

Investment is important in increasing growth and development therefore, in a competitive global environment, countries need to be sensitive to what makes the potential investor tick.

Support for domestic investors (including investment in niche areas with potential) may require some changes in the activities of commercial banks – possibly including activities aimed at reducing the riskiness of some investments and improving the viability prospects of projects.

As the Off-shore Financial Sector endeavours to cope with the threats and criticisms which it faces, he calls for astuteness in dealing with the countries which are attacking the Caribbean jurisdictions.

Diaspora communities are potentially a valuable development resource however, engaging with this community must be well planned and professional.

Natural disasters such as hurricanes can cause much damage and destruction however, in these circumstances, some sectors may have an opportunity to develop. He says, a sound sustainable mechanism should be worked out to benefit from such unfortunate events while at the same time attempting to deal with issues of absorptive capacity which can sometimes limit the level of assistance given to countries affected.

For more information about the booklet click here:  www.faaconsultancy.com