Private Sector Development in the Caribbean: A Regional Overview 2015

Alicia Nicholls

The Economist Intelligence Unit recently released a report entitled “Private Sector Development in the Caribbean: A Regional Overview” commissioned by Compete Caribbean. The report discusses private sector development in the Caribbean region and is based primarily on the analysis in the Private Sector Assessment Reports (PSARs) on fourteen Caribbean countries which are available as separate reports on the website of Compete Caribbean.

A direct extract from the Report:

For the Caribbean countries as a group, 2015 will be a significantly more difficult year than the previous three, reflecting the still-challenging economic climate. The need for private-sector-oriented solutions to these nations’ longstanding challenges has never been greater.

Some of the key challenges and opportunities identified in the PSARs are:

Challenges:

  • Strained public finances
  • Cost of energy
  • Access to finance
  • Human capital, in particular inefficient labor markets and emigration of skilled labor
  • Innovation capacity

Opportunities:

  • Engagement of diasporas
  • Key measures to improve business environment
  • Improve education systems
  •  Improve firm productivity
  •  Regional approach to climate change

The full report may be accessed on the website of Compete Caribbean here. Happy reading!

Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read her commentaries and follow her on Twitter @LicyLaw.

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