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Caribbean Region - Caribbean economic overview 1996 (English)

This report presents an overview of the macroeconomic performance of the Caribbean since 1994, focusing on how developments in the North American Free Trade Agreement (NAFTA) and international capital flows have affected the region. It states that growth per capita is slower than in East Asia, Latin America, and high-income countries, and that the decline of traditional preferential trade arrangements and the expansion of Mexico, Cuba, and other competitors threaten to undermine the bases for even the modest growth achieved recently. The report presents a response strategy indicating that the Caribbean countries need to speed up implementation of investments and policy adjustments to facilitate diversification of the private sector, and, in coordination with the countries of NAFTA, hasten preparation for full membership of the Caribbean in the Western Hemisphere Free Trade Agreement (WHFTA). Future benefits to the region will be greatest if industrial countries liberalize the import and improve the export opportunities of nontraditional Caribbean products as well as taper off their financial assistance in a way that does not make excessive debt-servicing demands on the heavily indebted governments of the region. Acceleration of overall growth will require continued increases in trade openness, improved labor and financial market systems, more innovative and export-oriented private sectors, and more efficient public sectors, focused on human resource development, law enforcement, and facilitation of private sector growth.

Details

  • Document Date

    1996/05/31

  • Document Type

    Pre-2003 Economic or Sector Report

  • Report Number

    15471

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Caribbean,

    Latin America,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2010/07/01

  • Doc Name

    Caribbean Region - Caribbean economic overview 1996

  • Keywords

    foreign direct investment;Oil and Gas Sector;public sector investment program;direction of trade statistic;balance of payment;free trade zone;debt forgiveness;apparel export;debt reporting;per capita income;Private Sector Growth;per capita term;open trade regime;international financial institution;exchange rate overvaluation;human resource development;pattern of trade;foreign aid budget;private capital flow;gnp per capita;Civil Service Reform;poor growth performance;net official flows;direct foreign investment;growth in trade;domestic economic activity;preferential trade arrangement;public sector modernization;external debt stock;per capita basis;export of apparel;debt service ratio;errors and omission;international capital flow;international development community;world income distribution;small economy;public saving;net repayment;world price;commercial term;small population;aid flow;private lending;trade preference;apparel manufacturers;Trade Policy;structural adjustment;Exchange Rates;foreign trade;industrial country;funding source;export service;private flow;world economy;adjustment lending;Macroeconomic Stability;world market;assembly operation;export growth;bank deposit;preferential access;large population;supplier credit;external flows;Trade Policies;credit flow;concessional term;external financing;concessional lending;fiscal management;net lending;macroeconomic framework;merchandise export;preferential program;free access;domestic borrowing;cultural change;Financial Sector;economic infrastructure;private borrowing;macroeconomic situation;external environment;macroeconomic performance;world trade;health organization;windward islands;domestic investment;net private;duty-free treatment;competitive edge;industrial trade;export opportunity;goods manufacture;export opportunities;external factor;Economic Policy;public source;imported materials;public borrowing;substantial inflow;private creditor;debt profile;restrictive policy;inflation rate;financial market;quota elimination;tariff reduction;project lending;private investment;reciprocal trade;efficient investment;commonly known;government spending;export performance;increased openness;export activity;aggregate flow;labor income;finished goods;commercial source;nontariff barrier;credit financing;primary product;global integration;migrant labor;fiscal resource;adjustment program;macroeconomic stabilization;external condition;subsequent growth;donor support;export revenue;investment capital;adjustment loan;export sector;Labor Market;tropical storm;tourist industry;mineral price;fiscal adjustment;financing flow;excessive debt;dynamic development;local trade;real depreciation;tariff treatment;quota system;import share;import competition;commercial lending;aggregate economy;price distortion;full membership;investor confidence;fixed investment;financial flow;fiscal deficit;transportation cost;macroeconomic problem;local costs;private consumption;transaction cost;government deficit;bilateral agreement;reciprocal treatment;real growth;footwear export;research show;textile imports;manufactured export;relative value;incentive regime;

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Citation

Caribbean Region - Caribbean economic overview 1996 (English). World Development Sources, WDS 1996 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/446281468770480410/Caribbean-Region-Caribbean-economic-overview-1996