Contemporary Challenges for Caribbean Economies

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The COVID-19 pandemic exposed significant economic vulnerabilities in the Caribbean, threatening humane living standards. This book emphasizes the necessary retooling for economic stability in the region and contributes to the ongoing discourse about Caribbean economies, addressing long-term challenges that must be tackled for progress. Economists Terence M. Yhip and Brian Alagheband present proposals to rejuvenate growth through technology adoption and human capital investment. They advocate for diversifying economies by enhancing the complexity of exports, which requires a shift in priorities to boost total factor productivity and potential output. The authors outline strategies for diversifying the production and export of complex goods and services, acknowledging that building the required capabilities may take decades and necessitate trade-offs. Immediate progress is unlikely, but these modifications promise significant economic returns over time. The book includes a chapter on Guyana's oil future, highlighting its potential as an economic "superstar" alongside the risks it poses. Additionally, Tawfik Ramtoolah discusses Mauritius's transformation from a sugar-cane monoculture to a diversified industrial and financial services economy. The structure of the book includes an introduction, an exploration of economic growth in the Caribbean, and strategies for future preparation.