TIME FOR A NEW PARADIGM
Written by GIS on October 19, 2017
Director of Economics at the Caribbean Development Bank, Dr. Justin Ram says that countries in the Caribbean need to move away from the paradigm of low economic growth and high debt to GDP ratios. He is also concerned about low levels of GDP growth and increasing levels of indebtedness in the OECS.
Ram, who was addressing the recently concluded State of the Tourism Industry Conference in Grenada said that moving away from the paradigm will improve the region’s ability to respond to the impacts of natural disasters:
In his presentation on the economic vulnerability of the region, and how to build resillience, he said that the region should be looking at inclusive growth, low debt and prudent fiscal management. Between 1950 and 2014, there have been 148 disasters which have cost the region about $52 billion. This, he says, is having a negative impact on the Caribbean: