ANNUAL NEWS CONFERENCE. Dr. Justin Ram Director, Economics Caribbean Development Bank Bridgetown, Barbados February 7, 2019
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1 2019 ANNUAL NEWS CONFERENCE Dr. Justin Ram Director, Economics Caribbean Development Bank Bridgetown, Barbados February 7, 2019
2 Caribbean Region s challenges LOW GROWTH HIGH DEBT HIGH UNEMPLOYMENT
3 Caribbean Region s challenges LOW GROWTH CLIMATE CHANGE HIGH DEBT HIGH UNEMPLOYMENT
4 Caribbean Region s challenges? LOW GROWTH CLIMATE CHANGE HIGH DEBT INCREASING UNCERTAINTY HIGH UNEMPLOYMENT
5 A Policy Blueprint for Caribbean Economies Showed that challenges are interrelated, and lead to persistent weak social outcomes
6 A Policy Blueprint for Caribbean Economies Showed that challenges are interrelated, and lead to persistent weak social outcomes Stressed the urgent need for reform and action
7 A Policy Blueprint for Caribbean Economies Showed that challenges are interrelated, and lead to persistent weak social outcomes Stressed the urgent need for reform and action Leveraged relationships to ensure research responded to countries needs, and positioned them to deliver better results
8 ENVIRONMENTAL SUSTAINABILITY US$ 100 bn 300% of GDP 100% of GDP Damage from 2017 Hurricane Season VIRGIN ISLANDS damage and losses from Hurricanes Irma, Maria ANGUILLA damage from Hurricane Irma
9 Emergency relief loan US$67 million VIRGIN ISLANDS Exogenous-shock policy-based loan US$50 million PBL aims to strengthen fiscal management, enhance governance and labour-market flexibility, improve social resilience, and strengthen disaster management and climate resilience
10 Hurricane recovery support loan US$5.6 million to meet external debt payments ANGUILLA Policy-based loan US$9.3 million to implement reforms
11 BUILDING ECONOMIC & FISCAL RESILIENCE
12 BARBADOS US$75 million loan to support implementation of BERT Builds on work CDB started in 2016
13 Barbados Economic Recovery and Transformation Pillars FISCAL SUSTAINABILITY INSTITUTIONAL REFORMS FOR GROWTH SOCIAL PROTECTION
14 Support to BERT Programme signalled the Government s commitment to address the country s unsustainably high level of debt BERT charts a path for the transformation of the economy to improve the wellbeing of its citizens
15 Support to BERT Aims to improve business environment to position economy for stronger growth, improve social protection By 2033 Debt levels projected to decline to 60% of GDP
16 ADDRESSING THE REGION S IMPLEMENTATION CHALLENGE
17 20% Rate of implementation for public projects in some countries in the Region.
18 SAINT LUCIA Saint Lucia approached CDB to determine how it might best be able to deliver on national transformation agenda CDB supporting a US$5 million project to help Government establish Implementation and Delivery Mechanism
19 Saint Lucia: Priority areas TOURISM AGRICULTURE INFRASTRUCTURE CITIZEN SECURITY EDUCATION HEALTH CARE
20 BUILDING RESILIENCE IN ALL ITS FORMS
21 LOOKING AHEAD TO 2019 Research that focuses on assessing and measuring vulnerability and resilience of our BMCs
22 LOOKING AHEAD TO 2019 Research that focuses on assessing and measuring vulnerability and resilience of our BMCs Work will improve index CDB uses to allocate its most concessional resources
23 LOOKING AHEAD TO 2019 Research that focuses on assessing and measuring vulnerability and resilience of our BMCs. Work will improve index CDB uses to allocate its most concessional resources Research expected to inform country engagements regarding resilience-building
24 As we support this resilience-building, we will also seize opportunities to exploit our resources to better support economic growth.
25 Caribbean Blue Economy A proposal to better leverage our seas and coastal assets for sustainable economic development, and social and environmental resilience
26 Ongoing research Digital transformation Regional energy markets
27 Transformation requires fiscal discipline, human development, environmental resilience and an improved business environment.
28 Our Commitment To carry out research and give policy advice that provides pathways to solutions that meet the needs of our citizens.
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