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Antigua and Barbuda

One Year After the Storms: Five Ideas for Building Back Stronger in the Caribbean

Tahseen Sayed's picture
The Caribbean on the road to resilience

Why are energy subsidy reforms so unpopular?

Guillermo Beylis's picture

It is well established in the economic literature that it’s the rich who benefit from the lion’s share of energy subsidies. Yet, it is often the poor and vulnerable who protest loudly against these reforms. Why does this happen? What are we missing?

Hoping for a cloudy future for Caribbean statistics

Michael M. Lokshin's picture
Photo Credit: Lou Gold

Hurricanes Irma and Maria recently devastated the Caribbean region. Infrastructure in Dominica was severely damaged and the country suffered a total loss of its annual agricultural production. The entire population of Barbuda had to be evacuated to Antigua and other islands. Estimates by the World Bank indicate that Irma caused damages equivalent to 14 percent of GDP for Antigua and Barbuda, and up to 200 percent of GDP for Dominica. The increasing frequency of hurricanes poses a threat to the economic development and wellbeing of 40 million people living in the region.

The World Bank and other development institutions acted quickly by offering support to assess damages and losses, respond to the disaster, and assist with recovery by delivering financial packages and supporting emergency operations. However, in the longer term, the focus is on building the resilience of these small island states to natural disasters.

Data: critical for responding to disasters, but also vulnerable to them

Systems of national statistics can provide critical information about the extent of a disaster, help guide recovery operations, and assess the preparedness of countries to future shocks.  At the same time, the reliance of National Statistical Offices (NSOs) on local IT infrastructure makes them highly vulnerable to natural disasters. Computers, servers, and networks cannot operate without power; flooding and high humidity destroys hardware and storage media; looting and breaking into abandoned buildings puts sensitive information at the risk of falling into the wrong hands. Fortifying NSO buildings to withstand Category 5 hurricanes and enabling the offices to continue functioning afterwards is prohibitively expensive. Even if such structures were built, staffing would remain an issue, particularly if the entire population of the country was evacuated (as in case of Barbuda).

Cloud computing provides a very effective way to resolve that problem at a small fraction of the cost.

Towards a single market for public procurement in Caribbean small states

Shaun Moss's picture
Building seawalls. Photo: Lauren Day/World Bank

The first ever meeting of the Heads of Procurement of the Organization of Eastern Caribbean States (OECS) took place on June 20-21 in Barbados with the dark storm clouds of Tropical Storm Bret as the backdrop. Fittingly, the discussion focused on how to create a common market for public procurement and to use procurement as a tool to better prepare for and respond to the natural disasters endemic to the region.

One Part of Something Bigger

Israel Mallett's picture

It has been almost four years since I first became involved with the regional public-private dialogue initiative, the Caribbean Growth Forum (CGF). In June 2012, I walked into the conference room at University of the West Indies,  Mona Campus for the Launch of the first phase of the initiative and there was something electric in the air. It was new and fresh, but old fears lingered; was this to become 'just another regional talk-shop?'

Wide-eyed and optimistic I was determined that for my small part it wouldn't turn out that way.

How does this affect the small island economies of the Caribbean?

Francisco G. Carneiro's picture
Understanding Macroeconomic Volatility: Part 4. Click to read the rest of the series

What’s the connection between financial development, volatility, and growth?

Francisco G. Carneiro's picture
Understanding macroeconomic volatility part 3
Read parts 1 & 2


There’s good evidence that a country’s level of financial development affects the impact of volatility on economic growth, particularly so in less developed countries, as the charts below demonstrate
 

Do rich and poor countries have different approaches to counter-cyclical spending?

Francisco G. Carneiro's picture
Understanding Macroeconomic Volatility: Part 2

The fact is that a government can soften a recession by increasing spending (the counter-cyclical approach) to raise demand and output. If government reduces spending (the pro-cyclical approach), the likely result is a deeper recession.

Tame macroeconomic volatility to boost growth and reduce hardship in the Caribbean

Francisco G. Carneiro's picture
Volatility in financial markets gets wide attention in the public eye. Less noticed is what we in the development world call macroeconomic volatility—faster-than-desired swings in the broad forces which shape an economy. Think investment, government spending, interest rates, foreign trade and the like.

There are three key questions to analyze: how do these forces interact, what is their effect on overall growth, and what policies are best to follow? All this is of more than academic interest: macroeconomic volatility can bring substantial hardships to millions of people

Part of the #Youthbiz movement? Share your story!

Valerie Lorena's picture

Also available in: Français | العربية
 



A boat trip from Port Elizabeth to Kingstown, in the Caribbean country of Saint Vincent and the Grenadines, is a one-hour trip that locals take several times a day. It was during one of these journeys that the boat of Kamara Jerome, a young Vincentian fisherman, ran out of gas six miles from Bequia City in what is termed locally as the "Bequia Channel." While waiting for help with strong wind gusts and the sun on his head, the idea of developing a boat that would run with wind and solar energy was born. Soon after, the idea became a prototype; a boat using green technology was on the water making 20-year-old Jerome a winner of international innovation competitions and a role model to other Caribbean youth. 
 
In Mexico, young engineer Daniel Gomez runs a multimillion bio-diesel company originally conceived as a research project for his high school chemistry class. Gomez and his partners - Guillermo Colunga, Antonio Lopez, and Mauricio Pareja - founded SOLBEN (Solutions in bio-energy in Spanish) in their early twenties. 
 
Although Daniel and Kamara have different educational backgrounds, they do share one important skill, the ability to identify a problem, develop an innovative solution, and take it to the market. In other words, being an entrepreneur, an alternative to be economically active, that seems to work and not only for a few.

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