Five Ways to Fast-Track Development in the Caribbean

A recently published report by the CARICOM Commission on the Economy may have the solutions to fast-tracking growth within the region. The report, if successfully implemented, will lead to greater development opportunities such as access to jobs, easier movement of people, healthier communities, and more resilient economies that can withstand shocks.

Chairman of the CARICOM Commission on the Economy, Professor Avinash Persaud and fellow commissioner Dr. Damien King shared at the recently concluded Central Bank of Barbados’ Caribbean Economic Forum on “Putting People at the Centre of Development in the Caribbean” how the region can thrive. The commissioners during highlighted five areas as key to speeding up growth and overcoming challenges of implementation.

Decision Making at the Lowest Practical Level (Subsidiarity) 

Professor Persaud underscored that decision making doesn’t always require evenness, that is a split “to either do everything together or almost nothing together.” Instead he recommends to “take decisions at the closest level to people that they are best made.” For instance, the severity of the issue will differ from country to country. Gun crimes, for example, may be best managed at the national level, whilst issues such as vaccine procurement, which necessitates collective support, can be handled regionally. This way we can focus on  more concerning regional issues together such as climate change, he explained.

Consensus Rather than Unanimity 

Even when there is agreement among most Caribbean countries, some decisions gain no traction due to the lack of unanimity. The recommendations in the recent report intend to address this issue by eliminating the need for every country to agree. Likened to a proof of concept by Dr. King, other members can join at a later time to address any risk early. Professor Persaud explained this means that “at minimum, five countries can agree to progress in a particular way, such as on mutual recognition of qualification. If the others wouldn’t be made worse off, then the five can move ahead.”

Freer Movement of People and Goods

Dr. King further explained moving forward will come down to key actions, one of which is a faster approach to moving goods and people. This can be accomplished through a system that would facilitate private investment in a fast ferry, he stated. This way neighbouring islands would have a cost effective and easier way to move people and goods across the region.

Mobility of Labour 

Bureaucracy makes it difficult for individuals to move easy between countries to work. The commission proposes a reduction in the skills requirements to do so. In their opinion, two Caribbean Secondary Education Certificates (CSEC) or their equivalent and a seamless process of qualification verification should grant access to  work across the Caribbean as long as necessary.  

Regulatory Framework  

Dr. Jan Yves Remy, Deputy Director of the Shridath Ramphal Centre for International Trade, Law, Policy and Services, another of the forum’s panellists, said the human resource outlay is important to ensuring regulatory action happens. Furthermore, “breaking the log jam”, she states, will involve solving regulatory misalignments. While CARICOM plays a major part in democratisation, Dr. Remy believes private entities like insurance companies will need to step in. She noted, as an example, that ferry services that facilitate easier movement between countries will require vehicle insurance that is valid across countries.

The practicality and the improvements in this report leave the commissioners hopeful. Thus far the recommendations have made some positive traction. While discussions are ongoing, the work outlined in Caribbean 9.58: Speeding Up the Caribbean has already begun. Current negotiations with regional telecommunication companies could result in little to no roaming charges, and discussions surrounding fast ferries are on the way. The report’s findings and recommendations are worth a read.