Caribbean region records modest growth in 2014 -CDB

Caribbean countries recorded modest economic growth in 2014 as the region recorded its fourth consecutive year of economic recovery following the global crisis that had seriously affected their socio-economic development.

The president of the Barbados-based Caribbean Development Bank (CDB), William Warren Smith, told regional journalists Wednesday that in 2014, the region’s premier financial institution continued its efforts to help borrowing member countries keep growing their economies.

“Sustained economic growth is important because it has the potential to improve the lives of the more than 16 million men, women, and children living in our region,” he said, adding that “economic recovery, although still at a modest pace, continued for the fourth consecutive year in the Caribbean.”

“Policy-makers sought to overcome the legacy effects of the great recession, and the setbacks associated with weak commodity prices. Issues of adjustment, competitiveness, resilience and access to finance for investment dominated policy discussions throughout the year.”

Smith said that in 2015 and beyond the policy agenda of regional countries must be to provide for a redoubling of the efforts to grow their economies and create jobs.

“This is the only way I know that we can enable our people to lift themselves out of poverty. Most countries in the region are now on a growth path, but still far below the level needed to be considered sustainable and to yield real benefits.”

He said reducing extreme poverty and addressing other development challenges facing the region can only be achieved through collaboration and partnership.

“Our bank has a broad development mandate and is well-placed as a focal point for dialogue, intermediation and extended partnerships on behalf of borrowing member countries,” he said, noting that this is demonstrated in many ways.

Smith said in 2014, many development partners coalesced around the common objective of optimizing the region’s renewable energy potential. -(CMC)