Most Caribbean businesses are either innovative or potentially innovative but still face challenges, according to a new report by the Inter-American Development Bank (IDB). This edition delves into the critical role of innovation in driving economic growth and productivity in the Caribbean region. Innovative businesses in the Caribbean have 26% to 35% higher levels of productivity and 21% to 81% higher sales per worker than non-innovative firms, depending on the type of innovation, according to the report titled "Innovation for Faster Economic Growth in the Caribbean: Are We There Yet?". The
The selected proposals come from Barbados, Belize, the Dominican Republic, Jamaica, Mexico, and Trinidad and Tobago. The Inter-American Development Bank (IDB) and its innovation laboratory, IDB Lab, have announced the results of their Sargassum Innovation Quest: Building Resilient Coastal Ecosystems. This initiative was launched to identify and support solutions that leverage advanced technologies and innovative practices to harness the potential of sargassum biomass and enhance the resilience of coastal communities in Latin America and the Caribbean. This effort, developed in collaboration
BRIDGETOWN, Barbados– The Inter-American Development Bank (IDB) and the Development Centre of the Organisation for Economic Co-operation and Development (OECD) launched a new publication, Caribbean Development Dynamics, that provides comprehensive insights into how Caribbean countries can unlock their economic potential through the energy transition, the blue economy, sustainable tourism, and the digital transformation. The publication was presented at an event attended by IDB President Ilan Goldfajn, with the virtual participation of OECD Secretary General Mathias Cormann, and panel
A new publication by the Inter-American Development Bank (IDB) and Compete Caribbean urged Caribbean countries to advance on key reforms to improve the business environment and boost firm productivity in a bid to accelerate long-term growth. The book, “ Are We There Yet? The Path toward Sustainable Private Sector Development in the Caribbean ,” analyzes opportunities and challenges for key policy reforms aimed at increasing the competitiveness and dynamism of the region’s private sector. This comprehensive book offers a regional perspective, encompassing 13 Caribbean nations: Antigua and
Pension systems in the Caribbean will run out of funds within the next 10 to 15 years unless urgent reforms are implemented to ensure their sustainability, according to a new publication by the Inter-American Development Bank (IDB). Caribbean countries can build more resilient safety nets for their aging populations by addressing administrative inefficiencies, improving investment strategies, and considering adjustments to retirement age, among other measures, according to the report titled “ Building Resilient Safety Nets in the Caribbean: Future-Proofing Retirement Incomes.” The report is
The President of the Inter-American Development Bank (IDB) and the Managing Director of the International Monetary Fund ( IMF) have agreed to enhance their collaboration to better support the efforts of common members in Latin America and the Caribbean to foster sustainable and inclusive growth and address the structural challenges of climate change. Operating within the scope of each institution’s mandate, IDB and IMF staff will increase their cooperation in two main areas: general coordination and climate finance. As part of their enhanced general coordination, the IDB and the IMF staff will
IDB Lab, the innovation laboratory of the Inter-American Development Bank Group (IDB Group), in collaboration with the IDB and IDB Invest, and the U.S. government, through its agency USAID, is launching the Sargassum Innovation Quest. The initiative aims to harness the potential of the sargassum biomass and improve the resilience in Latin America and the Caribbean’s coastal communities through the use of advanced technology and innovative practice. Since 2011, the region has faced significant challenges from the influx of sargassum, impacting tourism, fisheries and coastal ecosystems. The call
With the economic and social stresses of the pandemic receding, Caribbean economies are experiencing continued growth into 2024, according to a new report by the Inter-American Development Bank (IDB). After the strong economic recovery of 2021–2023, Caribbean economies continue to grow at a somewhat faster pace than the Latin America and the Caribbean region, though country circumstances vary. For example, economic growth in Guyana is expected to be over 30% this year, while tourism-oriented economies are expected to grow only 2.6%. At the same time, economies are experiencing diverging