24.1 C
Basseterre
Thursday, August 13, 2020
Home News Regional News CMC: IDB Highlights Post-Pandemic Reform Priorities For Caribbean

CMC: IDB Highlights Post-Pandemic Reform Priorities For Caribbean

WASHINGTON, DC, United States (CMC) — A new report by the Inter-American Development Bank (IDB) is recommending that Caribbean countries fully underscore the importance of preparing for a broad resumption of travel and tourism, as well as the importance of bolstering capacity for debt management in the wake of the novel coronavirus pandemic.

In addition, the report, which reviewed the ongoing impact of the virus for Caribbean countries, also recommends broadening the social safety net, improving Internet connectivity, and strengthening the capacities of emergency health services.

The report, Caribbean Quarterly Bulletin: The Pandemic Saga Continues, also includes detailed assessments for The Bahamas, Barbados, Guyana, Jamaica, Suriname, Trinidad and Tobago, and the countries of the Organization of Eastern Caribbean States (OECS).

“While coronavirus curves had flattened and several airports reopened, the region still faces a treacherous transition to a post-crisis scenario,” said David Rosenblatt, the regional economic advisor for the Caribbean Department of the IDB.

“The path forward will not be an easy one, as policymakers face social pressures, complicated fiscal situations, and a tough external environment. They will need to spend scarce resources efficiently, improve their debt management profile, and attend to longstanding institutional challenges in economic policy,” he added.

The report, put together by the team of economists of the IDB’s Caribbean Department, notes the decisive actions by governments in the region to stop the spread of COVID-19.

On the economic front, however, the report states that conditions have worsened in recent months, as big declines in tourism revenues start to take a toll, with some countries facing historic double-digit declines in gross domestic product.

“The economic impact for countries that rely more on commodity exports will be less severe,” the report notes.

Using the recently launched Tourism Dependency Index, the report analyses Caribbean countries’ tourism dependency and its implications for the post-COVID-19 economic recovery.

It notes that a dozen Caribbean countries — including The Bahamas, Barbados, Jamaica, and six from the OECS — rank in the top 20 globally on the index of tourism dependence.

“Prospects for a return to pre-crisis levels of tourism demand remain highly uncertain, as the economic impact of the crisis continues to affect travellers’ ability to reach Caribbean markets, as well as lingering concerns regarding sanitary conditions.”

The IDB said the Quarterly Bulletin uses its recent survey of 12,500 households in the Caribbean to analyse the social impacts of the crisis and sheds light on significant job losses and business closures for business owners in both tourism- and commodity-dependent economies.

For households earning less than the minimum wage, the report notes more than one in three respondents said they had gone hungry in the previous week.

The report also recommends strengthening emergency health capacity and social safety nets.

“The pandemic has also brought to the forefront the need to improve Internet connectivity and provide quality education,” the report noted.

Most Popular

Taxi Drivers Discuss Employment, Improved Communication With Tourism Officials

By Kevon Browne St. Kitts and Nevis (WINN): Taxi drivers are praising the government's handling of COVID-19 but pressing for answers about the revival of...

Severance Fund Empty, But Government Promises To Make Good On Payments

By Kevon Browne St. Kitts and Nevis (WINN): The Social Protection Fund, or Severance Payment Fund, of 1986, set up to protect employees from foreign...

Family To Honour Jerry’s Wish For Private Funeral

(iWitness News) Communications professional and activist Samuel Jeremiah George better known as Jerry S. George will be given a private funeral and burial this...

Uber May Be Forced To Shut Down California Ride Services Over New Driver Ruling

(Reuters) - Uber Technologies Inc would be forced to shut down its ride-hailing operations in California if a court ruling that blocks it from...

Nevis Among Caribbean-G 8 Islands To Launch Intra-Regional Tourism Marketing Campaign

NIA CHARLESTOWN NEVIS -- The following is a press release from the Nevis Tourism Authority (NTA) dated August 11, 2020, regarding the launch of...

Nearly 400 Small Businesses Already Registered For Govt’s Economic Stimulus Grant

(BVI News) Almost 400 businesses across the British Virgin Islands have already registered to receive the government’s economic stimulus grant, which is designed for...

Hon. Akilah Byron-Nisbett In The Process of Conducting “Listening Tour”

Basseterre, St. Kitts (SKNIS): Speaking at the Prime Minister's Press Conference on August 11, 2020, held at the National Emergency Management Agency (NEMA), Minister...

NEVLEC’s Street Lighting Replacement Project Continues Though COVID-19 Slows Progress

NIA CHARLESTOWN NEVIS -- The drive of the Nevis Electricity Company Limited (NEVLEC) to replace thousands of street lamps on the island, has slowed...

NBA Lays Out Plan For Player Guests To Enter Disney Bubble

LAKE BUENA VISTA, Fla. (AP) — NBA players could have some family members or close friends inside the season-restart bubble with them by the...

National Assembly Meets Thursday

By Clive Bacchus St Kitts and Nevis (WINN): The second sitting of the National Assembly, since the June 5 general elections, is slated for Thursday,...

OPEN IN NEW WINDOW

Contact a Program
If you are interested in a program or advertising, send us a message.
Send Message
Signup for our Newsletter
We'll only be in touch when we've something exciting to share.
We never share your details
No thanks
Subscribe