CDB's Deputy Director in the Economics Department, Ian Durant looks at the role of competitiveness in achieving sustainable growth in the Region, during the Governors' Roundtable discussion at the 46th Annual Meeting of CDB's Board of Governors in Montego Bay, Jamaica on May 19, 2016.
Latin America Strategic PEST Analysis I
LATIN AMERICA Up dated PEST ANALYSIS.
Very useful information to include in any of your reports on the Latam region.
I. Introduction
II. Regional P.E.S.T. Outlook
III. Countries
i. México.
ii. Panamá.
iii. Venezuela
iv. Costa Rica
v. Colombia
vi. Perú
vii. Chile
viii. Brazil
ix. Uruguay
x. Argentina
Even if the economic outlook for Latin America shows a relatively positive picture for the coming years it is important to know that the General Regional Economic Forecast was trimmed from 4.2% to a 3.9%, by the FMI.
Latin America's Role in driving "Americas-Centric" Outsourcing & U.S. Competi...Loren Moss
U.S. businesses want to improve efficiencies, accelerate technical innovation and gear their businesses to be globally ready – and the Latin America IT/ BPO marketplace is starting to recognize these requirements, creating an ideal environment for ‘Americas-centric’ outsourcing.
Latin America Strategic PEST Analysis I
LATIN AMERICA Up dated PEST ANALYSIS.
Very useful information to include in any of your reports on the Latam region.
I. Introduction
II. Regional P.E.S.T. Outlook
III. Countries
i. México.
ii. Panamá.
iii. Venezuela
iv. Costa Rica
v. Colombia
vi. Perú
vii. Chile
viii. Brazil
ix. Uruguay
x. Argentina
Even if the economic outlook for Latin America shows a relatively positive picture for the coming years it is important to know that the General Regional Economic Forecast was trimmed from 4.2% to a 3.9%, by the FMI.
Latin America's Role in driving "Americas-Centric" Outsourcing & U.S. Competi...Loren Moss
U.S. businesses want to improve efficiencies, accelerate technical innovation and gear their businesses to be globally ready – and the Latin America IT/ BPO marketplace is starting to recognize these requirements, creating an ideal environment for ‘Americas-centric’ outsourcing.
Alberto Trejos - América Latina | A look at Central America
O Instituto Brasileiro de Economia (IBRE), da Fundação Getulio Vargas (FGV), realizou, no dia 19 de setembro de 2014, o seminário internacional A América Latina e as Novas Condições Econômicas Mundiais.
O evento abordou a questão das perspectivas latinoamericanas diante das mudanças impostas, entre outros fatores, pela desaceleração da China e pela gradual normalização da política monetária dos EUA.
O encontro foi organizado em três painéis, que incluiram desde estudos de casos nacionais — Argentina, Brasil, Chile, Colômbia e México — a apresentações mais abrangentes da economia da região como um todo ou parte dela.
Confira as fotos do evento e mais informações no site do FGV/IBRE: http://bit.ly/YdyhyL
A new report published by The Economist Intelligence Unit highlights the key issues that small and medium enterprises (SMEs) grapple with as they expand internationally – which for many firms can outweigh the promise of growth.
The report, sponsored by DHL Express, is based on a survey of 480 SMEs spread across 12 countries and 20 industries, as well as in-depth interviews with a number of SMEs and policy experts.
According to the survey, 40% of respondents currently earned zero revenue from international operations, but a clear majority (72%) expect to derive between 11% and 50% of their revenues internationally in five years’ time. Across developed and developing markets, SMEs are focused on potential problem areas that trump growth in terms of importance. These include the quality of a target market’s infrastructure, the stability of its politics, the administrative costs of establishing a local presence, and the accessibility of local business acumen and networks.
Compared to their G7 counterparts, SMEs from BRICM (Brazil, Russia, India, China, and Mexico) have a much higher presence in other developing countries. For example, 15 percent of BRICM SMEs have international operations in Russia and CIS, whereas only 3.6 percent of G7 SMEs do; 18.5 percent of BRICM SMEs have international operations in South America compared to only 4.6 percent of G7 SMEs.
No two markets are treated as differently as Africa and China. Despite Africa’s strong growth rates the vast majority of survey respondents see very few opportunities in the region. China, however, remains a magnet for SMEs.
"Free" Trade without "Fair" Trade? -- how should the U.S. react to address ou...CharlesDaniels123
Current economic theory assumes that nations will voluntarily adopt “fair trade” practices.
The U.S. is in a strong bargaining position to negotiate balanced trade relative to partners that drive our trade deficit – in a trade war, they have a lot more to loose.
The U.S. should proactively adopt a tit-for-tat approach to foster trade liberalization and fairness or risk losing the “international trade war”.
Above ‘fair trade” enforcing mechanism would provide crucial time for retraining displaced labor and/or protecting sectors impacted by unfair practices.
This presentation shows some of the most important positive changes that the Colombian economy has undergone, and it shows investors the ease of doing businesses in Colombia.
Imprenta online para profesiones.
Especializado en materiales y acabados.
Encontrarás productos exclusivos como encuadernaciones en piel y grabadas, o catálogo completo de agendas personalizadas.
Nuestro configurador te permiteirá libertad de tamaños y facil configuracion de producto.
Alberto Trejos - América Latina | A look at Central America
O Instituto Brasileiro de Economia (IBRE), da Fundação Getulio Vargas (FGV), realizou, no dia 19 de setembro de 2014, o seminário internacional A América Latina e as Novas Condições Econômicas Mundiais.
O evento abordou a questão das perspectivas latinoamericanas diante das mudanças impostas, entre outros fatores, pela desaceleração da China e pela gradual normalização da política monetária dos EUA.
O encontro foi organizado em três painéis, que incluiram desde estudos de casos nacionais — Argentina, Brasil, Chile, Colômbia e México — a apresentações mais abrangentes da economia da região como um todo ou parte dela.
Confira as fotos do evento e mais informações no site do FGV/IBRE: http://bit.ly/YdyhyL
A new report published by The Economist Intelligence Unit highlights the key issues that small and medium enterprises (SMEs) grapple with as they expand internationally – which for many firms can outweigh the promise of growth.
The report, sponsored by DHL Express, is based on a survey of 480 SMEs spread across 12 countries and 20 industries, as well as in-depth interviews with a number of SMEs and policy experts.
According to the survey, 40% of respondents currently earned zero revenue from international operations, but a clear majority (72%) expect to derive between 11% and 50% of their revenues internationally in five years’ time. Across developed and developing markets, SMEs are focused on potential problem areas that trump growth in terms of importance. These include the quality of a target market’s infrastructure, the stability of its politics, the administrative costs of establishing a local presence, and the accessibility of local business acumen and networks.
Compared to their G7 counterparts, SMEs from BRICM (Brazil, Russia, India, China, and Mexico) have a much higher presence in other developing countries. For example, 15 percent of BRICM SMEs have international operations in Russia and CIS, whereas only 3.6 percent of G7 SMEs do; 18.5 percent of BRICM SMEs have international operations in South America compared to only 4.6 percent of G7 SMEs.
No two markets are treated as differently as Africa and China. Despite Africa’s strong growth rates the vast majority of survey respondents see very few opportunities in the region. China, however, remains a magnet for SMEs.
"Free" Trade without "Fair" Trade? -- how should the U.S. react to address ou...CharlesDaniels123
Current economic theory assumes that nations will voluntarily adopt “fair trade” practices.
The U.S. is in a strong bargaining position to negotiate balanced trade relative to partners that drive our trade deficit – in a trade war, they have a lot more to loose.
The U.S. should proactively adopt a tit-for-tat approach to foster trade liberalization and fairness or risk losing the “international trade war”.
Above ‘fair trade” enforcing mechanism would provide crucial time for retraining displaced labor and/or protecting sectors impacted by unfair practices.
This presentation shows some of the most important positive changes that the Colombian economy has undergone, and it shows investors the ease of doing businesses in Colombia.
Imprenta online para profesiones.
Especializado en materiales y acabados.
Encontrarás productos exclusivos como encuadernaciones en piel y grabadas, o catálogo completo de agendas personalizadas.
Nuestro configurador te permiteirá libertad de tamaños y facil configuracion de producto.
The concept of mutuality as discussed by Earl Jarrett, General Manager, Jamaica National Building Society during a presentation at the CDB's 46th Annual Meeting of the Board of Governors on May 17, 2016 in Montego Bay, Jamaica
Competitiveness and competition commissionM S Siddiqui
BCC should go an advocacy plan to promote competitiveness and to advice on economic policy of the government on the basis of GCI and globally acclaimed 12 pillars competitiveness. Bangladesh is at factor-driven stage and needs focus more on macro economy, political, and legal stability with efficient basic infrastructure and lowering the regulatory costs of doing business.
This paper explores Colombia’s possibilities to participate in GVCs production; the essay includes feature of GVC trading for development, the trend of higher tariffs and protectionism, attracting Foreign Direct Investment, and policy implications.
E-commerce in Latin America: Maximising equitable growth and the potential of...FairTechInstitute
This white paper addresses the regional e-commerce landscape for Latin America. It sheds light on current trends and opportunities, looks at long-standing challenges and includes policy considerations that policymakers should address which would help the region maintain a balanced regulatory framework for online marketplaces.
The report was presented by Access Partnership during the online event, “E-commerce in Latin America: Maximising equitable growth and the potential of retail post-Covid-19”, which took place on 10 December 2021.
Imports & Exports Made Easier with Global Trade Management Software - 10 MAR ...Lora Cecere
Global trade is essential to growth, and it is growing more complex. Global Trade Management (GTM) software makes it easier to become a global shipper and ensures regulatory compliance. Success with GTM requires the careful selection and use of both the software and trade compliance content.
The average study respondent is a supply chain professional in North America working for a manufacturer with $4.5 billion in revenue. Over 90% of the respondents import and export goods; however, the software is only used to manage trade for 11 out of 19 of countries involved in exports. The top countries for the respondents to export and manage shipments from are the United States, China, Mexico, Germany, and England.
In the average company, there is not one solution; instead, the average company has solutions from three different providers. Unlike other software, there is a high satisfaction rate with GTM. In the study, 67% of users were satisfied with their GTM software, reporting a Return on Investment (ROI) of thirteen months with 70% of respondents stating that they had achieved a ROI.
In summary, GTM is a mature supply chain software with high satisfaction and a strong ROI. Here we share the results.
This paper entitled “External Trade Agreements as Potential Innovation Systems Development Policy Instruments” was prepared for the CARIBBEAN CONFERENCE ON TRADE POLICY, INNOVATION GOVERNANCE AND SMALL STATE COMPETITIVENESS by Marsha Drakes, Programme Officer, Trade Information of the Office of Trade Negotiations, CARICOM Secretariat.
Presentation delivered by CDB's President (Ag.), Mr. Isaac Solomon, President (Ag.) at the 2024 Annual News Conference on February 20, 2024 at CDB's Headquarters in Barbados.
Presentation delivered by CDB's Director of Economics, Mr. Ian Durant at the 2024 Annual News Conference on February 20, 2024 at CDB's Headquarters in Barbados.
Presentation delivered by CDB's Director of Projects, Mrs. Therese Turner-Jones at the 2024 Annual News Conference on February 20, 2024 at CDB's Headquarters in Barbados.
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...Caribbean Development Bank
Keynote address delivered by Dr Emily Wilkinson, Senior Research Fellow and Director, Resilient and Sustainable Islands Initiative, ODI at UK Caribbean Infrastructure Conference in November 2023.
Despite the well-recognised potential for, and steps to promote, energy efficiency progress in deployment has been slow.
Scaling up an integrated utility service model presents an opportunity for the utility to become a player within the emerging energy service paradigm in the region.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. Achieving Sustainable Growth in the Caribbean: The Role of Competitiveness
by
Ian Durant, Deputy Director, Economics Department
Caribbean Development Bank
at the
Governors’ Roundtable
of the
Forty-Sixth Annual Meeting of the
Board of Governors of the Caribbean Development Bank
held on
Thursday, May 19, 2016
Montego Bay
Jamaica
2. 2
Achieving Sustainable Growth in the Caribbean: The Role of Competitiveness
by, Ian Durant, Deputy Director, Economics Department
Introduction
CDB’s borrowing member countries (BMCs) have experienced low and volatile growth over the
last decade, and as shown in Table 1, this growth has lagged other country groups, including other small
states. Indeed, the average growth rate of BMCs during the period was less than half that of other small
states, and just over a quarter of that of emerging market and developing countries. What is more significant
is that the volatility of that growth was about twice that of other small states and emerging market and
developing economies. In essence, average growth is lower, but the swings are more extreme.
Much of this performance results from the high export concentration among BMCs. In a sense, all
BMCs rely exclusively on the exploitation of natural resources. In the case of Guyana, Suriname and
Trinidad and Tobago, these natural resources are commodities, while for most of the other countries, the
endowments relate to tourism assets. This has created a situation where these countries are highly
susceptible to shocks that affect these respective industries, rendering growth rates that are very volatile,
and on average, relatively low. This note seeks to explore the likely reasons for this performance, and more
importantly, suggest some solutions. The main proposition is that institutional reforms that improve the
business environment are key to increasing and sustaining investment and growth.
Table 1: Selected Country-Group GDP Growth, 2005-14
Country Group Average GDP Growth
Rate (%)
Volatility (standard
deviation of growth
rates)
World 3.7 1.7
Emerging Market and Developing Economies 6.1 1.8
Non-BMC Small States (WB definition) 3.4 1.7
BMCs 1.6 3.0
It is being proposed that the failure of BMCs to move beyond the exploitation of their natural
endowments reflects a lack of competitiveness. Essentially, the delivery of goods and services produced in
the Region to export markets can hardly be done at prices, quantity and reliability that compares with
competitors. Even the exploitation of tourism assets cannot be profitably undertaken without special
regimes that include tax holidays and other concessions.
There are approximately 54 economies in the world that are classified as small states by the World
Bank or the United Nations, and all BMCs are included in this group. In 2014, the non-weighted average
per capita GDP of CDB’s 19 BMCs was roughly equivalent to that of other small states. Based on the
average levels of population and GDP growth for the last decade and making adjustments for possible
slowdown in GDP growth rates as countries transition through various stages of development, per capita
GDP was projected to 2050. These projections suggest that by 2050, the average per capita GDP of BMCs
could be half the average of other small states. Additionally, in 2014, eight BMCs were above the simple
average per capita GDP of small states. The projections suggest that by 2050, while only 3 would be above
the average under the scenarios. While this is indicative, it suggests strongly that the Region will largely
trail other small states if efforts are not made to increase the current tepid rates of growth.
3. 3
If the Region is to generate high and sustained growth that would allow it to maintain its standing
in the global economy, it will require the development of competitiveness that can foster greater
diversification. In small countries, diversification is limited. Nevertheless, many small countries have
achieved relatively significant levels of diversification. These include Mauritius and Singapore - which are
two and a half times and slightly smaller than the land area of Dominica, respectively - have done so, and
consequently, have maintained relatively high and stable growth rates.
The Link Between Competitiveness and Low Growth in the Caribbean
According to the World Economic Forum, competitiveness refers to the institutions, policies and
factors that drive productivity. At a very basic level, productivity determines the ability of a country to
deliver a good or service to consumers at a level of price, quality and reliability that compares with other
sources. By extension, productivity determines the rates of returns on investments in a country, and thus
its ability to generate investment, income, exports, jobs and prosperity. Enhancing competiveness – raising
productivity - has been established as the key determinant in driving growth and prosperity and reducing
absolute poverty. Empirical evidence also points to a number of factors that drive productivity. Table 2
lists the “pillars” identified by the World Economic Forum and used in its Global Competitiveness Index
to assess the competitiveness of countries.
Table 2: Competitiveness Determinants
Pillar Impact on Productivity
Institutions Defines legally binding or informal constraints and enforcement
mechanisms, therefore affecting the way that people organize themselves
and their economic transactions
Infrastructure and connectivity Facilitates the exchange of products and ideas, and also allows the
movement of people
The macroeconomic environment Determines the level of uncertainty among potential investors, but also
defines the leverage that governments have to guide the economy by way
of their tax and expenditure policies
The health of the workforce Influences the ability and availability of workers in the production
process
The education of the workforce Defines the efficiency of the workforce and the ability of a country to
move up the value chain
Product and service market efficiency Determining the way that resources are allocated, relative prices and the
degree of innovation. This is affected by burdensome or distortionary
taxes and discriminatory rules
Labour market efficiency Allows for the effective matching of jobs and skillsets, while
incentivizing employees and employers to act in a way that promotes
productivity
Financial market efficiency Influences productivity by allowing resources to find the best projects,
facilitating the pooling of resources that can reduce risks and increase
project size, better monitor investments, and reducing transactions costs
Market size The size of the market allows for the exploitation of economies of scale
Business sophistication The quality of networks (clusters, etc.) and the quality of individual firms,
operations and strategies
Innovation The development and implementation of technological breakthroughs
Source: “The Global Competiveness Report 20115-15” World Economic Forum.
4. 4
There are a number of indices that are used to assess competitiveness or specific aspects of it.
Perhaps the most comprehensive is the World Economic Forum’s Global Competitiveness Index. The
index uses various measures of the criteria above to compute an index of competitiveness which is used to
compare performance across 140 countries. The latest version of this index includes only four BMCs –
Guyana, Haiti, Jamaica and Trinidad and Tobago. Jamaica has the highest ranking at 86, followed by
Trinidad and Tobago at 89. If the ranked BMCs are used to gauge other Regional countries that are not
ranked, there are some general statements that can be made about the Region’s competitiveness
performance. The first is that the Region is well below the middle of the pack in relation to competitiveness.
Secondly, higher education and training, business sophistication, the availability of financial services and
technological readiness are dimensions where the Region performs well. Thirdly, infrastructure quality is
middle of the pack. Fourthly, there is need for improvement other areas, especially macroeconomic
stability.
The World Bank produces the Doing Business Index, which assesses the regulatory environment
affecting small and medium-sized enterprises throughout their life cycle. The areas covered include time
taken and cost to start a business, obtain planning and construction permission, get electricity, pay taxes,
trade across borders, enforce contracts and close a business, as well as the extent of protection of minority
shareholders and the ease of obtaining credit.
The index is used to rank 189 countries, including 14 independent BMCs (see Appendix 1). The
average ranking of the BMCs is 115, with the highest ranked country being Jamaica at 64. Only Jamaica,
St. Lucia (77), Trinidad and Tobago (88) and Dominica (91) are in the first half of the rankings. The
advancement of institutional reforms that impact on competitiveness in BMCs has lagged that of other
emerging market and developing economies. In fact, the average Doing Business rank of the Region slipped
from 100 to 115 between 2014 and 2016 as reforms in other emerging market and developing economies
continues to outpace those in the Caribbean. Only Jamaica being the only country with an improved rank
In relation to doing business, there are a number of areas where performance across most countries
surveyed is way below global averages. These areas are registering property, getting credit and resolving
insolvency, suggesting the need for significant reforms. Members of the Eastern Caribbean Currency Area
performed reasonably well in relation to enforcing contracts; but in other countries, the performance is way
below the global average.
There is significant evidence to suggest that there is a strong relationship between the Doing
Business criteria and growth. Marek Hanusch (2012), in a study entitled “The Doing Business Indicators,
Economic Growth and Regulatory Reforms” finds a strong causal relationship running from the Doing
Business score to growth, especially those related to access to finance and enforcement of contracts.
Similarly, Jamal Ibrahim Haidar (2012) tested the hypothesis that business regulation reforms covered by
the Doing Business survey causes GDP growth increases, and was more specific in his findings. The study
found robust support for the position that business regulatory reforms are good for economic growth
estimating that on average, each business regulatory reform is associated with a 0.15% increase in growth
rate of GDP. Moreover, small states such as Singapore, Mauritius, Costa Rica and Rwanda have managed
to generate relatively high and sustained growth rates by, among other things, maintaining and improving
the institutional and regulatory framework for businesses, as well as other dimensions of competitiveness.
Indeed, compared with the average growth rate of BMCs of 1.7% in the last decade, Costa Rica, Mauritius,
Rwanda and Singapore recorded average real GDP growth of 3.8%, 3.7%, 7% and 4.9%, respectively.
5. 5
Improving Competitiveness in BMCs
Generating sustained inclusive growth for poverty reduction, requires that BMCs achieve some
level of diversification by enhancing competitiveness. Diversification has its limits, given the size of the
BMCs. There are clearly aspects of competitiveness where the performance of BMCs places them in a
position to be competitive. However, these areas need to be complemented by improvements in other areas
in order to fully develop and exploit competitive advantages in appropriate niches. It is reasonable to expect
that some aspects of competitiveness will be more important for specific types of goods or services, but
there are some critical drivers of competitiveness that are fundamental. The areas of competitiveness where
BMCs need to improve include macroeconomic stability, as well as the regulatory and institutional
framework for doing business. In those regard, there are some areas that require special attention
Macroeconomic Stability
Macroeconomic stability has the potential to discourage investors if they anticipate that corrective
measures could change the return profile of investments. There is a need for some focus on the institutional
improvements that are necessary to restore and maintain macroeconomic stability. Some of these reforms
are incorporated in the Public Expenditure Framework Such improvements include budgetary system
improvements, revenue system enhancement, debt management improvement and advocacy on debt issues.
Registering Property
Property registration can be a lengthy and involved process in the Region. Added to this, land
dispute resolution, the quality, transparency and reliability of land administration needs to be improved.
Steps would include the use of electronic platforms for land registry.
Access to Finance
Although general access to financial services is good in the Region, the access to finance of small
and medium-sized businesses is affected by a number of deficiencies. These relate to the legislative and
regulatory framework for using moveable assets as collateral; credit bureau establishment; and
improvements in the venture capital eco-system.
Resolving Insolvency
There is a pressing need for the improvement of the legislative framework for resolving insolvency
in the Region. Good insolvency legislation performs many roles. Insolvency legislation promotes
entrepreneurship and risk-taking by allowing a “fresh start” in the case of failure and establishing clear
guidelines for reorganization procedures. Some BMCs, including Grenada, Jamaica, St. Kitts and Nevis,
St. Vincent and the Grenadines and Trinidad and Tobago, have modernized their insolvency legislation.
However, there is a need for such legislative improvements to be rolled out across the Region, and to address
bottlenecks that prevent the implementation of this reform.
Enforcement of Contracts
Investor confidence depends heavily on the ability of the court system to deliver speedy judgment
on contract disputes. Indeed, empirical evidence suggests a strong link between improving this area and
growth. Jamaica has taken a number of steps to improve its judicial system generally, and improve contract
enforcement specifically. There are some lessons that can be derived from the steps that Jamaica has taken
in this regard. Judicial reform needs to be at the center of this thrust.
6. 6
Improving Competitiveness: The Case of Jamaica
Jamaica has been taking a number of steps to improve its competitiveness. These steps span both
infrastructure upgrades as well as institutional and regulatory reforms. The institutional and regulatory
reforms have also been broad, including public finance management reforms that have helped to engender
macroeconomic stability. Together, these efforts have contributed to increased investment and an improved
trade balance, and are expected to lead to higher and more stable growth.
There have been a number of reforms of Jamaica’s public finance management systems that are
intended to regain and entrench fiscal sustainability. These include a fiscal rule that is enshrined in law,
and commits Government to a policy framework that is consistent with the achievement of a debt-to-GDP
ratio of 60% by March 2016. There are also a number of reforms that are intended to improve tax collection,
and enhance budgetary systems. The upshot of these has been the maintenance of a primary balance that
is sufficient to reduce the very high debt to GDP ratio and a restoration of confidence.
The Government also has targeted the areas identified in the World Bank’s Doing Business Index
for improvement. Under these headings, the following reforms are underway:
Starting a business. Emphasis been placed on implementing a single business registration
form; implementing an electronic interface between BOJ and Tax Administration
Jamaica (TAJ) and creating an electronic platform for registering businesses.
Taxes. Electronic filing for all major taxes is mandatory, and recently introduced a special
form to facilitate the quarterly submission of tax returns for self-employed persons;
Registering Property. Reforms in this area have strengthened and expedited the Land
Administration and Management Programme. Thousands of titles have been issued under
this programme since 2011.
Access to finance. Among several initiatives being undertaken in this area, Jamaica
established a credit bureau. Moreover, led by the Development Bank of Jamaica (DBJ),
the country is in the process of improving its venture capital ecosystem. The programme
is a comprehensive one that seeks to address key weaknesses across all aspects of the
venture capital ecosystem, including the sustainable flow of business-ready investments
through support of entrepreneurs, incubators and accelerators and sponsorship of business
model competitions and pitch events.
Trading across borders. GOJ has implemented ASYCUDA World, as well as a Port
Community System and went fully electronic on April 1, 2016, which should reduce goods
processing times through the port. GOJ passed legislation recently relating to special
economic zones that replace the traditional economic free zones, which were not compliant
with the rules of the World Trade Organization.
Development Approvals. GOJ is currently implementing the Application Management
and Data Automation system (AMANDA), which will facilitate a faster, more efficient
process of tracking of construction permits. Moreover, GOJ has prepared a programme of
reforms to enable improvements to the Development Application Process, including
provision for fast-tracking lower risks and smaller projects.
7. 7
Resolving Insolvency. GOJ has implemented the Insolvency Act, which seeks to
amalgamate law relating to bankruptcy, insolvency, receiverships, provisional supervision
and winding up. The law not only gives consideration to the rights of the creditor, but
supports the rehabilitation of debtors and seek to preserve viable companies. More
importantly, it helps to build a culture of encouraging entrepreneurship.
Electricity supply. GOJ is taking action to reduce the time associated with the application
and delivery of electricity permits by the Government Electricity Inspectorate and the time
for installation by the power company.
Labour market reforms. Jamaica passed legislation which will, inter alia, allow
for the use of flexible working arrangements.
These actions have lifted the rank of Jamaica in the Doing Business Survey to 64 – the highest rank
among BMCs - and along with other reforms, have set the stage for increased investment and sustained
growth. Indeed, the impacts are already beginning to appear, as suggested by a number of indicators,
including solid growth in gross capital formation (investment) in real terms during the last two years for
which data is available (2013, 2014) in spite of lower capital expenditure by the public sector, sustained
levels of foreign direct investment, and improvements in the external current account.
Conclusion
Low and volatile growth is no doubt linked to the high level of export concentration among BMCs.
Moreover, exports largely reflect the exploitation of natural resources all BMCs. This reflects an inability
to generate competitive advantages that would allow for greater diversification. Other small states have
diversified their economies beyond the comparative advantages dictated by natural endowments, and have
managed to generate relatively high sustained per capita GDP growth as a result.
If CDB’s BMCs are to forestall losing their enviable position in the global development hierarchy,
then efforts have to be made to improve competitiveness, especially those dimensions related to doing
business. In this regard, Jamaica’s experience provides important lessons, including the need for a
systematic approach to improving the environment for doing business.