Organization of Eastern Caribbean States : Towards a New Agenda for Growth
The Organization of Eastern Caribbean States (OECS) is at an economic crossroads. A secular slowdown in growth, a radical transformation of the external environment, high debt and fiscal imbalances, and persistent unemployment and poverty have combined to create an imperative for redefining the OECS...
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| Format: | Country Economic Memorandum |
| Language: | English en_US |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2005/04/5864709/organization-eastern-caribbean-states-oecs-towards-new-agenda-growth http://hdl.handle.net/10986/8616 |
| Summary: | The Organization of Eastern Caribbean States (OECS) is at an economic crossroads. A secular slowdown in growth, a radical transformation of the external environment, high debt and fiscal imbalances, and persistent unemployment and poverty have combined to create an imperative for redefining the OECS strategy for growth and economic development. The crucial elements of such a strategy are: (1) the formulation of a long-term vision that positions the OECS Economic Union in the global economy; (2) reorientation o f the basic development model toward greater openness, competition and a more level playing field in the sub-regional economy, and (3) the creation of new capacity in the labor force and the private sector to take advantage of emerging opportunities in the global market place, and in the public sector to coordinate and support the process o f deeper regional (and global) integration. The current challenge facing the sub-region is how to reinvigorate and sustain growth alongside the following imperatives --reducing high unemployment and poverty rates, restoring fiscal and debt sustainability, and securing a more sustainable external position in an increasingly competitive global environment. |
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