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• W3123641414 abstract "CARICOM states have been severely affected by the recent global economic downturn. Many of these states experienced negative or minimal growth due to declining remittances, tourism receipts and investment inflows, lack of export competitiveness or low commodity prices. This highlights the profound challenges which these small, open economies face in terms of their reliance on a narrow range of exports of goods and services, as well as limited markets for these exports. At the same time, intra-regional trade remains relatively low, while net outflows in the form of debt servicing, and import payments remain high. Individual CARICOM countries are seeking to stabilize their economies and look towards some growth in the medium-term through export and market diversification strategies. At the same time, the regional integration process, and particularly the CARICOM Single Market and Economy (CSME) regime, which was created to boost export competitiveness and grow regional firms offering a wide range of goods and services, appears to be stalled. As the prognosis for another global economic crisis intensifies, CARICOM countries will need to adopt strategies that boost intra-regional trade, while focusing on market and product diversification. This paper suggests that the institutional and structural issues which continue to impact the region's export competitiveness underscore the need for greater emphasis on regional collaboration to support national export strategies. A recommitment to regional integration may be a necessary option to increase trade and growth within CARICOM states.IntroductionThe debilitating impact of the 2008 global economic crisis on Caribbean economies has once again reignited the debate on the role, options, and opportunities which the Caribbean Community (CARICOM)1 offers, or can offer the small fragile and vulnerable countries of the Anglo-phone Caribbean. The crisis, unexpected and unanticipated as it was, reared its head as the region's efforts and resources were diverted toward implementing the Caribbean Single Market and Economy (CSME) as prescribed under the Revised Treaty of Chaguaramas, and the European Commission-CARIFORUM Economic Partnership Agreement (EPA).The severe effects of the global economic crisis on the growth performance of CARICOM states also came at a time when efforts at advancing the Caribbean Single Market (CSM), and particularly the economy component, appeared to have stalled. In fact, the timeline for a fully functioning Single Economy initially targeted for 2008, was later extended to 201 5 after member countries failed to meet a number of key targets. The realization of a fully operational CSME, which was supposed to offset some of the very challenges that the region faces in terms of competitiveness and trade, now seems uncertain.2 At the same time, the severity of the decline in commodity prices, remittances, investment inflows and tourism receipts precipitated by the global economic recession,3 the major pillars upon which the economies of both the MDCs and LCDs of the region rely, calls into question whether these small, extremely open economies can in fact go it alone, or whether revisiting CARICOM integration now warrants some consideration.This paper examines the issue of CARICOM growth and development in a post- crisis trade environment. The next section looks at the CSME as a regional response to neoliberal trade policies and rapid globalization. It argues that the rationale for a CSME was indeed to mitigate the negative effects of trade liberalization and competition on growth and development of these small CARICOM economies; yet the region finds itself in the very same predicament it sought to prevent with a regional mechanism that is, at best, lethargic and ill-prepared to respond. The subsequent section discusses the effects of the global crisis on CARICOM economies and interrogates whether the negative impacts of this global economic downturn can provide the fillip to re-energize the regional integration process. …" @default.
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• W3123641414 date "2012-04-01" @default.
• W3123641414 modified "2023-09-27" @default.
• W3123641414 title "Surviving the Recession: The State of CARICOM Economies" @default.
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