Sun | Jul 22, 2018

CDB head says regional growth lagging behind

Published:Wednesday | May 18, 2016 | 4:24 PM
(Fom left) Dr William Warren Smith (CDB president) poses with Finance Minister Audley Shaw, Prime Minister Andrew Holness and Yvette Lemonias Seale, Vice-President CDB, at the Bank's 46th Annual Board of Governors meeting at the Montego Bay Convention Centre this morning - Ashley Anguin Photo

President of the Caribbean Development Bank (CDB), Dr William Warren Smith has lamented that the region's economic growth has become stagnant when compared with the rest of the world

"We have not been growing fast enough, nor have we been able to sustain growth long enough," said Smith at Wednesday's opening ceremony of the CDB's 46th annual meeting of its board of governors in Montego Bay, St James.

At the same time, he said places like Brazil, Chile, China, Panama and Singapore are often cited as countries which have successfully transformed their economies, distinguished by sustained periods of high GDP growth. 

"Our overall growth performance has consistently lagged behind the rest of the world," Smith said, noting that the region has only grown by only 1.3 percent per year since 2009, compared with the global average of 3.7 percent.

Smith said to change this, CARICOM countries will need to shift from the current incremental growth rates of 1.3 per cent to at least five per cent.

"A concerted effort is needed by each country to target those measures which will have the greatest impact on business," he said.

- Christopher Thomas