By World Bank
The most goal of this record is to assist policymakers within the Caribbean layout an schedule of coverage activities to speed up alternate integration and development, and to minimize poverty. every one a part of the file makes a speciality of a key query and offers an in-depth research of the problems raised, laying the rules for coverage options defined within the final bankruptcy of the record. half I asks no matter if the Caribbean's monetary and alternate process are sound sufficient to maintain the hot period of its international alternate kinfolk. half II addresses the possibilities and demanding situations that the recent exchange atmosphere bargains to the Caribbean. half III assesses the impression of the recently-negotiated fiscal Partnership contract on development and poverty relief utilizing kinds of macroeconomic versions. The file concludes with coverage priorities for accelerating Caribbean integration into the realm financial system and for reaping some great benefits of international pageant.
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Additional info for Accelerating Trade and Integration in the Caribbean: Policy Options for Sustained Growth, Job Creation, and Poverty Reduction (World Bank Country Study)
It then discusses the opportunities and challenges for the Caribbean associated with the new trade environment. It finally quantifies the gains from global trade integration using a dynamic macroeconomic analysis. The report provides policy priorities to accelerating Caribbean integration into the world economy and to reap the benefits of global competition. Each part of the report 12. Under the Cotonou Agreement the EU and the ACP countries are committed to negotiating Economic Partnership Agreements (EPAs).
The trade and growth strategy would also require investment in trade infrastructure to enable the Caribbean countries to seize the opportunities of the global trade environment. Given their limited resources, the Caribbean countries are unlikely to significantly increase their global trade penetration and thus achieve higher growth rates and reduce poverty without significant financing from donors. The growth experience over the past decades shows that even during period of good economic policies, global trade penetration was relatively low and economic growth rates were not sustained over a long term.
The appropriate sequencing of trade liberalization in view of integrating the Caribbean into the world economy would first require reducing these macroeconomic imbalances. Appropriate policy responses will help reduce large fiscal and current account deficits and high indebtedness levels and debt overhang. In the short term, the authorities’ ability to reduce spending is constrained by the current global economic downturn. Priority spending in social sectors (education and health) and basic infrastructure should be protected to minimize the social costs of the current economic crisis.