Rebuilding Caribbean Economies

Author(s): Central Bank Of Barbados

Created 11 Dec, 2018
Views: 4612

How can Caribbean nations achieve stronger economic growth and become more globally competitive?

During a panel discussion hosted by the Central Bank of Barbados and the Caribbean Economic Research Team, top officials from three regional central banks – Dr. Alvin Hilaire, Governor, Central Bank of Trinidad and Tobago (CBTT); Timothy Antoine, Governor, Eastern Caribbean Central Bank (ECCB); and Dr. Wayne Robinson, Deputy Governor, Bank of Jamaica (BOJ) – sought to address several of the challenges facing CARICOM countries.

Throughout the discussion, which was moderated by Central Bank of Barbados Governor, Cleviston Haynes, they shared their opinions on the current state of regional economies and on what is needed to improve them:

On Improving Regional Economies

Our quest is socio-economic transformation, and that’s an important place to start, an important point of departure, because once we embrace the concept, the notion, the commitment to transformation, it means that there must be disruption. There cannot be transformation without disruption. So we either decide we’re going to muddle through, or we’re going to transform. And of course, if we say we’re going to transform, there has to be reforms.” – Timothy Antoine, Governor, ECCB

On the Role of the Public Sector

“It is a temptation to say a government must do everything… but why? Why should a government have to do everything? At certain times, you may have to step back and say, ‘Maybe the private sector could do it better’.” –Dr. Alvin Hilaire, Governor, Central Bank of Trinidad and Tobago

On Education

“At the base of it is the quality of the education; whether or not the education system is producing the right jobs and the right skills for the economy.” – Dr. Wayne Robinson, Deputy Governor, Bank of Jamaica

On Financial Technology

“Maybe the policymakers are not ready, but the people are ready.” Dr. Alvin Hilaire, CBTT

Watch the full panel discussion below:

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