Caribbean blah blah blah...

Summary:

1. Throughout this presentation, we will be discussing the challenges facing the region, namely the region’s economic development, as well as the proposal that economic integration is essential for the region’s economic and social objectives.

2. The Caribbean economy is less developed than other small countrries such as Singapore, Ireland and Cyprus because the Caribbean depended on the exploitation of both the natural resources, and the preferetial rates of the main agricultural products, being sugar and bananas.

3. Though the Caribbean was in line with Ireland, Singapore and Cyprus in 1975 with respects to GPD, they fell behind greatly, with Singapore and Ireland doubling their GDP compared to the region’s highest per capita country.

4. The Caribbean experienced a steady decline in GDP with a decrease from 3.9 percent in the 1970s to 1.9 percent in the 1990s, lower than the average growth rate of the world’s small island countries. This continued in the 1990s, with the exception of Trinidad and Tobago, who experienced a revival of world oil prices and implemented economic policy reforms which resulted in the continuation in per capita growth.

5. High oil prices and population growth resulted in the doubling of per capita income from 2000-2006 in Trinidad and Tobago while tourism and infrastructural development aided in the growth of other Caribbean islands. Included in the factors indicating growth were life-expectancy, income, health-care and education.

6. The region ranks high on the Human Development Index with high literacy and life-expectancy rates while also experiencing high poverty rates.

7. The economic challenges facing the nation are: 1.Loss of preferential arrangements, 2. Higher productivity levels and, 3. The need to reinforce fiscal positions and reduce public debts.