Question

Should Caribbean countries focus their economic development agenda on achieving economic development? Give reason for your answer.

Answer 1

ANSWER: The growing climate, financial, and social challenges in the Caribbean have sparked the search for new economic development agenda that would better serve the region. In my opinion if Caribbean countries focus in the economic development agenda it can achieve development in the economy. These countries have embarked on a process of economic integration toward the common market formation. The area where perhaps the majority progress has been made is liberalization in trade. The progresses towards adoption of a common currency, fiscal harmonization, and creation of a monetary union have been slower. As majority Caribbean countries trade with countries outside the region, the benefits from forming a common market are likely to be tiny until intraregional trade expands. Moreover, complex problems regarding convergence to common targets such as on the size of fiscal deficits and the debt-to-GDP ratio are likely to occur, given the differences that exist across countries in the region. Thus new economic development agenda is vital in Caribbean countries.