Slow Recovery in the Caribbean after the Global Financial Crisis: Can the Region Strike Back?
The Caribbean was severely affected by the global financial crisis in 2009 and is now experiencing a rather sluggish recovery compared with the rest of Latin America. The slow upturn is concentrated in the English-speaking Caribbean nations, where economic growth estimates in 2010 were as low as 0.6 percent, in contrast to the 2.3 percent estimate for the non-English-speaking Caribbean and to the strong recovery of 6.7 percent in the rest of LAC. This paper shows that the region’s strong linkages to the United States and other industrialized nations, in terms of investment flows, trade, and remittances, help explain why the Caribbean has been so affected and has not recovered as quickly as other LAC nations. The paper also presents the results of regression analysis that indicates that the English-speaking Caribbean countries, unlike the non-English-speaking Caribbean and some Latin American nations, are not aligned to the new growth poles in the world (such as Brazil, India, and China) but are very aligned to the United States. This result would suggest that one of the reasons behind the slow recovery is related to the English-speaking Caribbean countries’ not being able to integrate their economies into new world markets.
||Financial Crisis, Economic Cycle, Growth, Caribbean
Global Studies Journal, Volume 4, Issue 4, pp.69-92.
Article: Print (Spiral Bound).
Article: Electronic (PDF File; 5.406MB).
Lead Economist, Caribbean Department, The World Bank, Washington, DC, USA
Dr. Auguste Kouame is currently the Sector Manager of the Economic Policy Unit for the Latin America & Caribbean region of the World Bank. He joined the World Bank in 1996 as a Young Professional in the South Asia region and soon thereafter worked in the Office of the Chief Economist as a member of the 1998/99 World Development Report core team. Dr. Kouame has held several positions at the Bank, including in the Middle East and the Caribbean Regions, as Economist. He was a Special Representative in Haiti and an Assistant to the President of the World Bank. Dr. Kouame completed graduate studies at the Ecole Nationale de la Statistique et de l’Administration Economique in Paris and holds a Ph.D. in economics from the Ecole des Hautes Etudes en Sciences Sociales and the DELTA research center both in Paris. Prior to joining the World Bank, Dr. Kouamé worked at the United Nations Development Program and taught applied economics in Côte d’ Ivoire and France.
Graduate Student, Economics Department, American University, Washington, DC, USA
Maria Ivanova Reyes Peguero is an economist currently pursuing doctoral studies at American University, with a concentration in macroeconomics, gender and trade. She holds a master in Applied Macroeconomic from the Pontificia Universidad Catolica de Chile and a master in Development Economics from Georgetown University. Prior to joining the Economics PhD program at American University she worked as a consultant for the Inter-American Development Bank, the World Bank and the Ministry of Economy of the Dominican Republic (DR). She also worked as a researcher for the Centro de Investigacion Economica de las Antillas and as Director of Evaluations at the Superintendency of Pensions in DR. A former adjunct faculty of the Pontificia Universidad Catolica Madre y Maestra at the Dominican Republic, she is currently working as an adjunct faculty at American University.
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