CARICOM countries have healthy competitive political processes, decades of experience with regular national elections, and entrenched respect for civil and economic liberties. The answer to these questions, Ladies and Gentlemen, lies in the fast pace of globalization which has fundamentally changed the external environment facing the region.
We firmly believe that the path to greater prosperity for the Caribbean lies in greater integration, within the region and with the rest of the world. In the decades since independence, Caribbean countries have exemplified transparent institutions and governance in the Western Hemisphere.
Lending to high growth sectors remain relatively low.
The regional financial markets have increasingly become integrated over the last decade. We all know how prone this region is to such disasters and the sheer scale of the damage that can be inflicted on countries that lie in the path of a major hurricane.
But note the emphasis I placed earlier on the need to get regional integration right.
Education and health indicators in the Caribbean are strong and poverty remains lower than in many other parts of the world.
Since independence, the region has strived to develop advanced financial markets that have strong cross-border linkages, but a question you may wish to ask yourselves is: Trinidad and Tobago, the financial hub of the region, has clearly played a leading role in bringing about greater financial integration by channeling its large oil windfall savings to neighboring countries.
A regional risk pooling scheme, whose viability is currently being studied by the World Bank, is also an avenue to pursue seriously as the feasibility of obtaining insurance by individual countries at reasonable rates remains limited.
In other words, greater regional integration—if done right—can be complementary to the process of global integration—in both seizing the opportunities presented by globalization, and in guarding against and overcoming the attendant vulnerabilities and challenges.
Many other areas for cooperation—such as the creation of regional tax administration or regional financial oversight bodies—remain, however, to be tapped.
There is a strong consensus in the region that it is important to safeguard these achievements in the competitive global environment and we could not agree more with this view—human capital is the single most critical ingredient in making the most of the growth opportunities over the longer run.
In this regard, I would like to mention in particular our efforts at capacity-building, through the provision of technical assistance, and the provision of financial resources under a variety of lending windows adapted to the particular circumstances that different countries may find themselves in.
In this regard, as the Caribbean region pursues greater integration in the context of a very dynamic world economy, it is essential that it improves its competitiveness and continues to ensure financial stability. From a macroeconomic perspective, reducing fiscal imbalances and the large debt burdens is a precondition for such resources to be directed to the private sector.
Regional Integration in a Globalizing World: With increasing linkages, there is a clear need for close coordination in regulation and supervision among country authorities, and possibly the creation of a regional oversight body.Latin America and the Caribbean Transition countries of Europe and Central Asia Western Europe and North America regional and global levels.
Participants included over Another common concern was the impact of globalization on culture and identity.
Some saw it as. Press Release TAD/ IMPACT OF GLOBALIZATION ON VARIOUS AREAS OF WORLD DISCUSSED BY HEADS OF UN REGIONAL COMMISSIONS Fourteen Statements Also Made in UNCTAD X General Debate. 1 Globalisation and Cultural Identity in Caribbean Society: The Jamaican Case Abstract The Caribbean is a region whose very name reverberates from the early effects of.
Impact of Globalization on the Caribbean—Regional Integration One significant result of globalization on the Caribbean is the deepening of regional integration. With the many threats that the Caribbean market was facing due to strong extraregional competition, there existed recognition of the need for Caribbean countries to band together to.
GLOBALISATION AND THE CARIBBEAN Patrick Kendall Economist Caribbean Development Bank to provide some understanding of globalisation and of its impact on the Caribbean. The paper begins with a discussion of the definition of globalisation and of the dating of the.
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with greater integration comes the need to ensure that changes in monetary and exchange rate policy in one Caribbean country do not unduly impact on another. in helping globalization and regional integration improve the living standards of the people of the.Download