The World Bank is advising small Caribbean countries that they accelerate private-sector development improving their respective investment climate.
In its latest report which was released on Friday and titled, “The Caribbean Regional Private Sector Diagnostic (RPSD)” the organization noted measures to reduce cross-cutting constraints to private investment, such as gaps in connectivity and skills mismatches, and break the region’s current low-growth, low-productivity trend.
Countries covered by the report included Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, St Kitts-Nevis, St Lucia, St Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
According to the World Bank, these countries “face major cross-cutting constraints and addressing them would foster an environment more conducive to trade, investment and growth”.
The report further added that the Caribbean countries suffer from frictions that raise their cost of trade and hamper their competitiveness.
