October 15, 2021
The World Bank in their semi-annual report on the Caribbean and Latin America said that the Caribbean is set to grow this year, over 6 percent in some areas and not less than 2 percent all around.
Well that is certain good news. But the reality is we are just recovering the lost output we lost in 2020. This is not progressive growth, but just regaining the ground we lost over the disastrous 2020. This is not bad or unexpected but we have to get it back.
The matter is now what are the new industries for the Caribbean and Central American region? It is clear that tourism related growth is a house built on sand. One sanction or public relations nightmare away from destroying the lives of the many.
The answer to what will we do now is not that easy. For Guyana the answer seems to be easy as they have found liquid gold and have been recording budget surpluses ever since Exxon started oil production in 2019. How fortunate are they? For years they were the basket case of the region and look how things have turned around? I wouldn’t be surprised of Caribbean nationals begin to immigrate to Guyana now and not the other way around.
If only all Caribbean countries were as fortunate. However, oil deposits are hard to find. So for the rest of us we need something else, or else global disruptions will continue to cost us lives and the shaky foundation will be rocked again unless we spur new activity.
What do we do? Your guess is as good as mine because if I had the answer I would not be here writing about it, I would be doing it right now.
But we must think about it. The regional agencies need to get together with the best and brightest to think.