Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine said many of the challenges being faced in the region can best be handled through regional approaches.
Speaking at the Dominica Association of Industry and Commerce (DAIC) Annual General Meeting (AGM) held at the Fort Young Hotel on Thursday, Antoine said that dialogue is important and he also expressed concerns over the high rate of unemployment among the youth in the region.
“Many of the challenges that we face in our region can best be handled through regional approaches,” he said. “They are not necessarily easy but that is the way we have to go.”
“In essence what we are doing here this morning, taking time from your morning schedule to have this conversation is, in fact, part of a regional dialogue that is important for us to think through our ideas and then come together to take collective action,” he stated.
He pointed out that unemployment among youth is simply too high in the region.
“In some countries, the average is around 20 percent to 25 percent and then the youth is doubled, so the youth is 40- 50 percent,” Antoine explained. “That’s a recipe for problems. Some of the social pathologies that we see manifesting today are in fact linked to the state of unemployment or the high unemployment in our region.”
Antoine said in order to move to the next level to really receive transformation, “we have to undertake some critical reforms and we need to do so with urgency.”
“Reforms that will lift the level of growth and employment and ultimately move us towards transformation,” he noted.