The Inter-American Development Bank (IDB), has cautioned that Caribbean countries should prepare for prolonged effects of external economic shocks in 2023, including high food and fuel prices and rising international interest rates.
The financial institution, which serves as the largest source of development financing for Latin America and the Caribbean, in a recent report warned that higher interest rates could lead to economic slowdowns, or even recessions, in important source markets for exported services and goods from the Caribbean.
According to the report, ‘Headwinds Facing the Post-Pandemic Recovery’, the impact of these shocks depends on the trade structure of individual countries, as well as the external financing requirements of each country.
Among the report’s key findings is that households and businesses are feeling the impact of price increases.
“Although domestic inflation has been somewhat less severe in Caribbean countries, rising prices diminish real incomes for households and increase business costs for firms,” it said, stressing that online surveys from the World Food Programme also suggest a sharp rise in food insecurity across the Caribbean.
By midsummer, yearly inflation in the Caribbean countries studied by the research averaged 8%, excluding Suriname, which has had significant inflation since the fall of 2020.
Regional economic advisor for the IDB’s Caribbean Department, David Rosenblatt, is optimistic that the “unfortunate external conditions will improve during 2023”.
“As with natural disasters, however, it is always prudent to prepare for the worst, even as we hope for the best,” he said. The authors of the report put forward several reform priorities, such as continued attention to fiscal consolidation and debt management in the macroeconomic dimension and targeted interventions to help households cope with the effects of rising food and fuel prices.
‘Headwinds Facing the Post-Pandemic Recovery’ is part of the IDB’s Caribbean Economics Quarterly series.
Bring the misery on and some more. That’s what it will take to wake up the people of Dominica to retake our country. Bring on the hard times because it’s too easy for many. Sacres Voleh ki Zor yey.
I disagree with you. Nothing is gonna wake them up.
In the modern world banks don’t give interest. They just charge fees and high interest. They are solely for profit nothing else. Disgusting greed that never ends and keeps going up. Our governments are complicit cause winning the popularity contest means you get gifts and kickbacks in exchange for favors. To kook away while the banks sucks the people dry. This why many of us won’t be able to afford a home or a car cause it’s just too expensive. Education expensive, health expensive…. this is the way of the world.
By the way, since interest rates are rising, when will the interest rates on savings & fixed deposits in the banks rise? It cannot be that interest rates rises are only to occur on mortgages and taking out loans and the like.
I don’t know about the Caribbean, but I know Dominicans should brace up for the results of the 666, mark of the beast system that Skerrit has introduced in Dominica. Those demons of hell don’t play and Revelation 13 and others warned us. Now is the gas crisis but this is just the begging and the worse is yet to come
We are in the age of misery. it is literal hell..yes hell or heaven are not places over there or there. they are every real. this is now hell. in heaven there is no sorrow taken or given even in thoughts..
Even in dominica where souls are able to grow a little food..you will not be able to because the masters of death are intoxicated with death and suffering. no need to take my word for it..experience is the best teacher. so one can prepare based on what they are seeing and hearing globally or. wait..
Ultimately it will make no difference how much food one has reserved or how deep underground or inside a mountain one has built their lodging safety will solely be dependent on ones direct connection with the highest on high Father. because this is hell and its about to be destroyed. can you see and hear all their preparations..
Surprise. surprise..
Able to make direct post
I read recently from a reputable news source about a global onslaught of very dire economic conditions in 2023.
What is most frightening is that our regional governments have put no contingency plans in place to soften the probable harrowing effects of these conditions on the lives of their people. There is no concerted effort to increase local food production. Incentives to manufacture or produce more of what we use (goods and services) are absent.
Instead, Caribbean governments are completely preoccupied with how to steal the next election. Maintaining or achieving political power is more important than the living standard of the people.
This never ending power struggle is seriously stagnating and undermining the living standard of our people. With leaders like Gaston, Roosevelt, Comrade Ralph, expect
living standards to be further eroded.
It seems like i have been blocked from posting here. whenever i post an error note appears. yet others seem to have no problem posting..
2023
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