Exchange rate regimes in the Caribbean

This document analyses exchange rate regimes in the Caribbean subregion. Caribbean exchange rate regimes are typified into hard and soft pegs. Hard pegs refer to those arrangements that maintain a constant value of the domestic currency in terms of the currency of a major trading partner. The Organisation of Eastern Caribbean States (OECS); economies established a monetary union in 1983. The Bahamas, Belize and Barbados also fixed the value of their domestic currency in relation to the United States dollar in the middle of the 1970s. Soft pegs are monetary arrangements characterized by a forcefully managed exchange rate. Three countries are included in this category, Guyana, Jamaica and Trinidad and Tobago

Challenges in meeting the monitoring requirements of the Millennium Development Goals (MDGs): an examination of selected social statistics for four Caribbean small island developing states

Includes bibliography

Evaluation of e-readiness indices for Latin America and the Caribbean

Includes bibliography

Tourist Cruise Ships and the Trade in Services: Recent Trends in Countries of the Caribbean Basin

This issue of the Bulletin reviews the main trends of trade in goods and services for the countries of the Association of Caribbean States (ACS) in 2004. The strong recovery of trade in goods and the robust expansion of trade in services are highlighted, emphasizing the increase in services as a proportion of total exports for the smaller Caribbean economies, which may even exceed 80%.A detailed analysis of the performance of the tourism component, especially travel, showed that in 2004 there was a boom in cruise ship arrivals, a situation which poses a real challenge for some islands in terms of ensuring a permanent flow of tourists and making use of the main comparative advantages -sun, sea and beaches- and possible linkages with the rest of the economy such as the hotel industry, restaurants, business and entertainment centres, guided excursions, transport, yachting, and others. In some islands, the ratio of cruise passengers to inhabitants is particularly high, and can reach a significant factor of about 11 tourists for every inhabitant in the Bahamas, 8 in Aruba, 7 in Antigua and Barbuda and 5 in Dominica, and around 4 for a sample of eleven countries.One of the main challenges for a number of Caribbean islands is how to capitalize on such linkages by developing sustainable tourism that minimizes the possible adverse impacts on the environment and the everyday life of the citizens.

Economic survey of the Caribbean 2014: Reduced downside risks and better prospects for a recovery

The current survey provides an overview of the economic performance for 2013 of the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago plus the eight member states of the Eastern Caribbean Currency Union (ECCU) and the outlook for 2014 and 2015. Data were collected from a review of reports from national governments and through interviews with government officials in each of the countries analyzed.

An assessment of the economic and social impacts of climate change on the energy sector in the Caribbean

The present report assesses the economic and social impacts of climate change on the energy sector in Antigua and Barbuda, the Bahamas, Barbados, Belize, Cuba, Dominica, the Dominican Republic, Haiti, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Saint Lucia, Suriname, and Trinidad and Tobago. In the study, the Artificial Neural Network methodology was employed to model the relationship between climate change and energy demand. The viability of the actions proposed were assessed using cost benefit analyses based on models from the National Renewable Energy Laboratory (NREL) of the United States of America.

Regional Climate Modelling In The Caribbean

The information here represents a compilation of existing and ongoing regional and national climate modelling studies that could be useful in the execution of the regional project The Economics of Climate Change in Caribbean. The report is mainly focused on the sustainable regional efforts that represent opportunities for further developments in climate change scenarios. It describes the different techniques that have been used to model changes in temperature and precipitation in the Caribbean and compares the outputs of these models. Essentially, temperatures are expected to increase while precipitation may increase for countries in the more southerly latitudes, but decrease for more northerly countries (Bahamas, Cuba and Hispaniola) resulting in drought. These changes would present tremendous challenges for the Caribbean subregion and, despite significant progress made in recent years, there is a need for continuous development of climate research and modelling in the subregion, to produce more relevant information for regional and national studies and to overcome the limitations of existing results. This may well be realized through coordination of activities between the Caribbean Community Climate Change Centre (CCCCC), the Institute of Meteorology (INSMET) in Cuba and the University of the West Indies (UWI). These activities will address the implementation of further analyses using available information to generate best practices and to produce useful results. There are also new opportunities for climate research in the region with Coordinated Regional Downscaling Experiment (CORDEX) which is planned to start early next year. It is expected that the participation of various Caribbean institutions like INSMET, UWI, CCCC and the Caribbean Institute for Meteorology and Hydrology in this global project will allow the generation of new and more abundant information.

Caribbean regional report for the five-year review of the Mauritius strategy for the further implementation of the Barbados Programme of Action for the sustainable development of small island developing states (MSI +5)

The small island developing States (SIDS) of the Caribbean referred to in this report comprise Antigua and Barbuda, Aruba, the Bahamas, Barbados, Belize, Cuba, Dominica, the Dominican Republic, Grenada, Guyana, Haiti, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, The Netherlands Antilles, Trinidad and Tobago and the United States Virgin Islands. As far back as 1994, these countries expressed commitment to implementation of the Barbados Programme of Action (BPoA) for SIDS and have reiterated their support in making progress in achieving the targets set out in the Mauritius Strategy for further implementation of the Barbados Programme of Action for the Sustainable Development of SIDS (MSI).

Report of the five year Caribbean regional review meeting of the Mauritius strategy for the further implementation of the Barbados programme of action for the sustainable development of small island developing states (MSI +5)

The Economic Commission for Latin America and the Caribbean (ECLAC) Subregional Headquarters for the Caribbean, in collaboration with the United Nations Department of Economic and Social Affairs (DESA) and the Government of Grenada, convened the Five-Year Caribbean Regional Review Meeting of the Mauritius Strategy for the Further Implementation of the Barbados Programme of Action for the Sustainable Development of Small Island Developing States (MSI+5) in St. George’s, Grenada, on 16 and 18 March 2010.1 The meeting was attended by representatives of the following member countries: Antigua and Barbuda, the Bahamas, Barbados, Belize, Cuba, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.

Economic survey of the Caribbean 2008-2009

This survey provides an overview of the economic performance of countries of the Caribbean Community (CARICOM) for the year 2008 and their outlook for 2009. The report comprises three chapters. The first provides a regional comparative analysis of the main macroeconomic variables, namely GDP growth, inflation, fiscal and external accounts, as well as fiscal, monetary and other policies, particularly those specifically devised to cope with the ongoing global economic crisis. The second chapter deals with two topics relevant for economic development in the region: economic growth and small and medium enterprises development from an analytical and empirical perspective. The last chapter presents country briefs of the seven most developed countries (MDCs) in the Caribbean – Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago – together with a subregional assessment of the eight member countries of the Eastern Caribbean Currency Union (ECCU).

Tourism life cycle, tourism competitiveness and upgrading strategies in the Caribbean

In the 1980s Butler adapted the life cycle product model to the tourism industry and created the “Tourism Area Life Cycle (TALC) model”. The model recognizes six stages in the tourism product life cycle: exploration, investment, development, consolidation, stagnation and followed, after stagnation, by decline or revitalization of the product. These six stages can in turn be regrouped into four main stages. The Butler model has been applied to more than 30 country cases with a wide degree of success. De Albuquerque and Mc Elroy (1992) applied the TALC model to 23 small Caribbean island States in the 1990s. Following De Albuquerque and Mc Elroy, the TALC is applied to the 32 member countries of the Caribbean Tourism Organization (CTO) (except for Cancun and Cozumel) to locate their positions along their tourism life-cycle in 2007. This is done using the following indicators: the evolution of the level, market share and growth rate of stay-over arrivals; the growth rate and market share of visitor expenditures per arrival and the tourism styles of the destinations, differentiating between ongoing mass tourism and niche marketing strategies and among upscale, mid-scale and low-scale destinations. Countries have pursued three broad classes of strategies over the last 15 years in order to move upward in their tourism life cycle and enhance their tourism competitiveness. There is first a strategy that continues to rely on mass-tourism to build on the comparative advantages of “sun, sand and sea”, scale economies, all-inclusive packages and large amounts of investment to move along in Stage 2 or Stage 3 (Cuba, Dominican Republic, Puerto Rico). There is a second strategy pursued mainly by very small islands that relies on developing specific niche markets to maintain tourism competitiveness through upgrading (Anguilla, Antigua and Barbuda, British Virgin Islands and Turks and Caicos), allowing them to move from Stage 2 to Stage 3 or Stage 3 to a rejuvenation stage. There is a third strategy that uses a mix of mass-tourism, niche marketing and quality upgrading either to emerge onto the intermediate stage (Trinidad and Tobago); avoid decline (Aruba, The Bahamas) or rejuvenate (Barbados, Jamaica and the United States Virgin Islands). There have been many success stories in Caribbean tourism competitiveness and further research should aim at empirically testing the determinants of tourism competitiveness for the region as a whole.

Implementation of the 2014-2015 programme of work: subprogramme 13: subregional activities in the Caribbean

This report highlights the activities carried out by ECLAC in the Caribbean subregion between 1 January 2014 and 31 March 2015. Subprogramme 13 of the ECLAC programme of work 2014-2015 (“Subregional activities in the Caribbean”) covers the Commission’s work in Antigua and Barbuda, the Bahamas, Barbados, Belize, Cuba, Dominica, the Dominican Republic, Grenada, Guyana, Haiti, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago, as well as Anguilla, Aruba, the British Virgin Islands, the Cayman Islands, Curaçao, Guadeloupe, Martinique, Montserrat, Puerto Rico, Sint Maarten, the Turks and Caicos Islands and the United States Virgin Islands. Subprogramme 12 (“Subregional activities in Central America, Cuba, the Dominican Republic, Haiti and Mexico”) includes activities conducted in the Caribbean member States of Cuba, the Dominican Republic and Haiti. In addition, countries of the Caribbean were included in activities organized under the 12 other substantive subprogrammes of the ECLAC programme of work 2014-2015, namely: (i) linkages with the global economy, integration and regional cooperation; (ii) production and innovation; (iii) macroeconomic policies and growth; (iv) financing for development; (v) social development and equality; (vi) mainstreaming the gender perspective in regional development; (vii) population and development; (viii) sustainable development and human settlements; (ix) natural resources and infrastructure; (x) planning of public administration; (xi) statistics; and (xii) support for regional and subregional integration and cooperation processes and organizations.

Economic Survey of the Caribbean 2015: Balancing economic recovery and high debt in the Caribbean

The survey provides an overview of the economic performance for 2014 of the Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname, Trinidad and Tobago plus the eight member states of the Eastern Caribbean Currency Union (ECCU) and the outlook for 2015. Data were collected from a review of reports from national governments and through interviews with government officials in each of the countries analyzed.

An assessment of the economic impact of Climate Change on the Macroeconomy in the Caribbean

Between 2008 and 2011, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) worked on a project to assess the economic impact of climate change in the Caribbean. The overall aim is to prepare the Caribbean region to better respond to climate change, while fostering a regional approach to reducing carbon emissions by 2050. This study updates the report on the impact of climate change on the macroeconomy at the regional level and will focus on 9 countries: Aruba, the Bahamas, Barbados, Curacao, the Dominican Republic, Montserrat, Jamaica, Saint Lucia and Trinidad and Tobago.