AS OFTEN AS POSSIBLE I do take some time off to reflect on the challenges facing Caribbean countries and the efforts being made by our governments, private sector, trade unions, non-governmental organisations, and other stakeholders to grow and develop our economies to make life more comfortable for not only our present generations but also for those yet to come.
And the truth is that for small countries with very limited resources we have made some tremendous strides forward, even though there is still much that can be accomplished.
Amid all of the progress being made, it is still amazing that many a times we tend to focus so much of our attention on the big issues and not too much on some of the small things that clearly have the ability to propel our economies and countries forward in a sustained manner.
For example, how often do we hear of intense debates over whether the public sector or private sector is more efficient in managing the economy? How often have we heard about the need to diversify our economies to make them less dependent on services such as tourism and international business and allowing for greater roles for agriculture and manufacturing?
How often have we heard about the need to stimulate economic activity through massive injection of capital spending by the government? How often have we heard about the need to privatise some public sector entities because of their loss making status?
Clearly, all of the questions raised above are important in the context of seeking out solutions to the problems we face from time to time as small countries.
Vast resources
Admittedly, if governments are inefficient and are involved in the wastage of vast amounts of resources, then the need to reduce the size and influence of government in the economy would be a sensible thing to do.
Similarly, if by concentrating economic activity in one or a few sectors continues to fail to grow and develop our economies, then there is an apparent case to diversify in order to maximise our chances of realising higher rates of economic progress.
And if certain public enterprises continue to drain the public purse with comparatively little returns on the capital injected into them, then obviously the call to privatise them may very well be justified.
But these broad issues aside, it seems clear to me that going forward, we in the Caribbean ought to be paying much closer attention to relatively smaller issues that can easily provide a platform for us to maximise our potential as small countries with inadequate resources.
A shining illustration of this is the recent success of the Sandy Lane Gold Cup in Barbados, which demonstrated how great economic benefit can be realised from heightening interest in sports tourism in an area of activity that has a global appeal.
A bit more effort now needs to be put into the planning and hosting of this activity to ensure that it grows larger and larger from year to year with the accompanying positive impact on the local economy and the country’s tourism industry. As the old adage reminds us, it is not only the big things in life that matter, but also some of the little things.
That, to me, is solid advice that we all in the Caribbean should embrace as we think of ways and means of growing and developing our economies to redound to the benefit of the masses!
Email: bfrancis@uwichill.edu.bb
