NEWS
New Economic Model by Carol Williams
Persistent fiscal constraints of Caribbean economies due to climate change vulnerabilities, inadequate access to resources, heavy dependence on tourism and foreign direct investments, among other issues, have led the Governor of the Central Bank of Barbados, Dr. Kevin Greenidge, to propose a new economic model. W hile not all elements of the five-pillar plan are novel, the Governor said it was tailor-made to fit the unique characteristics and challenges of the region. The key areas of the recommended model are the blue economy, digitisation, green energy transition, agrirevolution and intensified regional integration. Dr. Greenidge said its implementation will require diversified and innovative sources of financing. His recommendation was made while presenting the third Distinguished Owen S. Arthur Memorial Lecture hosted by the Shridath Ramphal Centre for International Trade, Law, Policy and Services (SRC) last September. His presentation was titled “A New Dawn – Charting the Course for Sustainable and Inclusive Economic Growth in the Caribbean” . Throughout his presentation, the Governor invoked the words of the late Athur, a regionalist and respected economist who was Barbados’s longest- serving prime minister and who is commemorated by the annual event. Dr. Greenidge has worked as Senior Economist at the International Monetary Fund , Senior Economic Advisor to the Government of Barbados and has published extensively on financial liberalisation and the challenges of policymakers in small developing countries, exchange rate misalignment in the Caribbean, cross-country monetary effects, and growth and convergence in the Caribbean.
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