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But’s that not enough to generate jobs and drive desperately needed debt reduction, the Caribbean Development Bank (CDB) has warned.
At the CDB’s annual news conference detailing the economic performance and outlook for its borrowing member countries (BMCs), president Dr Warren Smith cautioned that growth rates were way too low and public debts were still spiraling out of control.
Describing the overall performance as “fragile and uneven”, Smith raised concern that regional fiscal performance is caught in a vicious cycle.
“The big challenge for each and every one of us, then, is to reverse this pattern and place the BMCs firmly on a path of sustained and inclusive income growth with discernible improvements in living standards,” he said.
According to the bank’s Director of Economics Dr Justin Ram, service-oriented economies led economic growth last year, while commodity exporters, except Guyana, contracted.