COMPETITIVENESS IN THE CARIBBEAN AND CENTRAL AMERICA

Author(s): WORRELL, DELISLE; GREENIDGE, KEVINS; LOWE, SHANE; (2012)

Created 23 Jul, 2012
Categories Working Papers
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Despite claims that Caribbean countries have lost international competitiveness in the recent past, most current measures of competitiveness rely solely on price as their defining indicator. However, the issues most critical to Caribbean competitiveness have to do with production structures, changes in the export mix, productivity changes and institutional reform and development. Therefore, this study sought to establish appropriate measures of price and non-price competitiveness in order to evaluate competitiveness in the Caribbean. Results suggest that, by and large, most countries have become more price competitive, while the smaller Caribbean islands have increased their advantage in the exports of goods and services and international finance. Preliminary estimates also provide some evidence that aggregate world demand, local investment and price competitiveness improve the growth of production in the tradable sector.

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