Beautiful Virgin Islands

Monday, Sep 01, 2025

CDB says private sector needs greater role in COVID recovery

CDB says private sector needs greater role in COVID recovery

The Caribbean Development Bank (CDB) is advising countries in the region to give a bigger role to the private sector to stimulate economic growth post-COVID-19.

CDB President Dr Warren Smith gave that indication was while addressing the 10th UK-Caribbean Ministerial Forum on March 18.

“Our bias should be towards a larger role for the private sector in stimulating economic growth, providing jobs, and earning foreign exchange through exports,” he said.

“In that regard, regional governments need to scale up efforts to create an ecosystem that responds especially to the needs of micro, small and medium-sized enterprises (MSMEs) as these businesses account for over 70 per cent of all enterprises; 60 per cent to 70 per cent of gross domestic product; and 50 per cent of employment, including poor and marginalised groups,” Smith stated.

Key gov’t policies needed


The CDB boss further said government policy and regulatory frameworks must foster agility, innovation and value creation. He said these policies must also incentivise CARICOM businesses to improve their competitiveness in order to successfully penetrate regional and international markets.

Smith also said small economies with no reserve currencies need to export for their people to enjoy sustainable advances in their standards of living. He noted that there was an urgent need for economic diversification to reduce the region’s susceptibility to external shocks.

He explained that a diversified production structure will help small economies to build resilience by reducing susceptibility to price and output fluctuations and increasing competitiveness.

Another hurricane season upon us


In the meantime, the CDB said amid the focus on recovering from COVID-19, Caribbean countries should remember that the hurricane season is less than three months away.

Smith cautioned that natural disasters are not challenges that can be put on hold.

“From 2000 to 2019, the region experienced 190 natural disaster events, directly affecting 14.5 million persons. The Caribbean, therefore, will have to deal with the consequences of COVID-19 and the existential threat of climate change concurrently,” the CDB stated.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×