Since 2010 many Caribbean nations have fallen further into debt, many are in IMF programmes, and almost all are heavily dependent on costly imports of energy and food. The consequence has been low rates of growth (there are some exceptions), a failure to complete the Caribbean Single Market and Economy, a significant decline in governments’ ability to provide the social provision that electorates expect, and growing instability.
Beyond the Caribbean there is a view that unless the region is able to deliver greater economic dynamism, enable private sector led growth, and is more focussed on implementation, its economies will stagnate and the region will become at greater risk of instability, criminality and failure.
The challenge for any future UK Government, given continuing limited resources, will therefore be how Britain can encourage new thinking and action by the Caribbean while ensuring that external actors remain engaged and better co-ordinated.
The full report can be accessed via the link below.