“Achieving a Resilient Future for Small States: Caribbean 2050” is a recent report which analyzed current policies and trends in Caribbean countries, and made a 34-year projection across different sectors. The Caribbean, not excluding Dominica, faces mounting challenges. It says unless there are seismic shifts in policymaking, the outlook is bleak.
According to the researchers, five out of six countries would have a debt-to-gross domestic product (GDP) above 100 per cent – dangerous levels if growth continues to lag. Projections also suggest interest expenditure on debt is likely to sap public finances, reducing funds for development and giving rise to greater socio-economic problems.
Factors posing serious threats to the region’s future include, sluggish growth, spiraling debt, high youth unemployment, rising crime rates, piecemeal investment and low productivity. Climate change also casts a long shadow; small island developing states are most vulnerable to extreme weather, rising sea levels and diminishing natural resources but lack the funds to plan ahead and minimize risks.
One of the recommendations found in the report to free up revenue and boost growth, is for Caribbean governments to actively pursue sustainable energy systems by investing in new technology, and improving efficiency. Should these actions be pursued, living standards are expected to increase, foreign investment will rise because of lower business costs and damage to the environment will decrease
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