In a column written three years ago, I addressed the question of growing Caribbean economies:
“…as it now stands, most Caribbean economies are in real trouble and it would require transparent, aggressive and inclusive action to overcome our current economic burdens. What is probably even worse is that too many of our governments are demonstrating that they have little clue as to how to resolve the economic nightmares facing their countries…Unmistakably, therefore, something has to give and to me, the way forward is obvious.
We, the people, have to come to the rescue of our countries and economies…by becoming more self-reliant, entrepreneurial, productive and innovative. We cannot continue to rely on our governments to solve our countries’ economic problems. We have to take bold steps to force change – change that will lead towards growing our economies in a sustained manner.”
In that piece, I offered this advice: “Additionally, we have to become more innovative, invest more in developing and fully exploiting our human resources, practice good governance and harness good government, construct institutions to facilitate growth and development, and practice learning-by-doing.
Taking all of these issues on board and sooner rather than later is critical because it is only through economic growth that our countries can really begin to raise tax revenues without increasing tax rates, ease our debt burdens, and tackle our massive unemployment problems.
The column ended: “To our Governments, all stakeholders and the people of the region…I ask, humbly: Are we on board with my suggestions for growing our economies?”
Why have I taken the liberty to rehash so much of the prescriptions I outlined 36 months ago for addressing the burning issue of lack of economic growth in Caribbean economies? We as a people seem to hear lots of things, but we don’t listen!
More critically, those charged with the responsibilities of leading our countries are always quick to point their fingers at all sorts of irrelevant factors to explain our present sad state of affairs when in fact the reasons behind our continued economic woes are right before our eyes.
Can you imagine the Caribbean Development Bank (CDB) is now predicting a mere 1.7 per cent growth for regional economies in 2017?
Can we take comfort in that forecast? Should we be satisfied with that sort of lacklustre economic projection? Absolutely not.
What is even more amazing about our inability to generate any meaningful level of economic growth is this statement by the director of economics at the CDB: “…It would be necessary to reform governance structures and institutions to support the new paradigm. Governments would have to be willing to stabilise their economies through fiscal and debt consolidation, implement structural reforms that enhance growth and develop strong, targeted social development programmes.”
How different is this remedy from what was presented earlier in this piece?
I ask you: Do we have to wait on external assistance from the International Monetary Fund or similar institution in order to come up with a real action plan for generating sustained levels of economic growth in our region or do we simply have to accept and implement sensible measures that can work to change our present trajectory?
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