Our Region Faces Many Challenges. Strong Institutions Can Help

We may not think about them every day, but national institutions guide a lot of how we live as citizens. And economic institutions, like tax authorities and national pension schemes have a huge impact on our lives. That’s why it’s so important for them to be as efficient and effective as possible.

In addition, Caribbean countries face unforeseen events every year, from natural disasters to now, pandemics. As we’ve seen, these events can take a heavy toll on lives and livelihoods. Therefore, there is an urgent need for resilience across all parts of our societies. Our institutions are key to achieving this.

The book Economic Institutions for a Resilient Caribbean assesses the strength of institutions in six Caribbean countries (The Bahamas, Barbados, Guyana, Jamaica, Suriname and, Trinidad and Tobago) and provides recommendations for how they can be improved.

“Countries that have engaged in institutional development have been shown to be better equipped to confront economic shocks, such as the coronavirus pandemic, be more resilient in responding to them, and have better prospects to recover more rapidly,” said Diether W. Beuermann, Economics Lead Specialist for the IDB’s Caribbean Department and one of the editors of the book.

On Thursday April 1 at 8:00 p.m., the Caribbean Economic Forum episode – “Resilient Institutions and Why They Matter to Me” - will take an in-depth look at Economic Institutions in the Caribbean. With the help of regional experts, we’ll examine the strength of institutions and what could be done to make them more robust and responsive to the region’s needs.