Caribbean Special Report: Castles Made of Sand
The Caribbean struggles to reach critical mass to attract investors as insularities among members persist. The world economic downturn erodes tourism, an economic pillar for the region.
by Julio Urdaneta
Small, dispersed and plagued with structural problems, the
Caribbean is anxious to gain critical mass in world markets.
Although some progress has been made, lack of common
perspective and deep structural differences between member
states mar ambitions of economic unity.
While commitments have been made, the different
political structure of the member countries and the disparities
of income and quality of life remain the main challenges for
integration, says Olga Kalinina, Caribbean analyst at
Countries like Jamaica, which carries a ball and chain of
elevated debt, violence and inflation, contrast with dynamic
economies like Trinidad and Tobago, which is boosted by high
prices of hydrocarbons and other commodities. With so many
financial, macroeconomic and cultural differences, efforts
through the Caricom common market bloc to establish a solid
economic base continue to disappoint.
Created in 1973, Caricom seeks the achievement of a greater
economic leverage and effectiveness...
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