Development Strategy Assessment of the Eastern Caribbean
Eastern Caribbean countries enjoy rich natural endowments and have achieved significant economic development. Throughout the last decades, they have also been confronted with a number of rising economic, social and environmental challenges. To help them tackle these, and accelerate their development, the Organisation of Eastern Caribbean States (OECS) and the OECD have jointly designed a regional strategy scorecard, which is at the heart of the Development Strategy Assessment of the Eastern Caribbean.
The scorecard will help policy makers set priorities for the implementation of the OECS Development Strategy. Stronger resilience and capacity are the major guideposts towards both economic growth and social progress. The region can make much more of its green potential, with power generation topping the list. Improving regulation and reducing red tape can foster new, homegrown economic dynamism. Tourism, digital services and the sustainable ocean economy also offer untapped potential. Closing the skills gap, enhancing the quality of education and improving social protection are essential. Finally, as a red thread throughout, deeper regional integration would make it easier for OECS countries to pool resources in a range of areas, radically increasing the region’s potential for efficient governance, and accelerating the development of its human resources.
Generating economic growth
This chapter discusses key opportunities and constraints falling into the first pillar of the OECS Development Strategy: generating economic growth. Economic opportunities for OECS countries include increasing value-added in the tourism industry; developing sectors that are closely linked to tourism, such as agriculture, fisheries and the so-called orange, or creative, economy; as well as making headway in digital services, facilitated by a reform of the telecommunications sector. Furthermore, cutting red tape, reducing business costs, and establishing a regional competition framework could foster more private investment and boost productivity in region. Supporting the macroeconomic environment by reducing government debt and non-performing loans, is important for stability and strong economic growth in the region.
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