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Towards Sustainable Development in Caribbean SIDS

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Towards Sustainable Development in Caribbean SIDS Towards sustainable development in Caribbean SIDS Dillon Alleyne PhD Deputy Director, ECLAC Subregional Headquarters for the Caribbean Port of Spain, Trinidad and Tobago, 17 May 2019 CARIBBEAN FIRST! • Strategic focus on persistent Caribbean development challenges including disaster assessment; • Raising levels of national and regional advocacy in the search for solutions; • Giving prominence to discourse on critical Caribbean issues in all ECLAC forums; • Leveraging financial support and technical assistance for agreed Caribbean priorities; • Promoting wider Caribbean engagement in ECLAC forums and initiatives. Port of Spain, Trinidad and Tobago, 17 May 2019 2 Environmental Vulnerability: Need for a global, regional and subregional compact for addressing Climate Change impact Port of Spain, Trinidad and Tobago, 17 May 2019 Countries Impacted by Storms Number of disasters caused by storms and number of affected countries 16 14 12 10 8 6 4 2 0 1970 1973 1974 1978 1979 1980 1983 1984 1985 1986 1987 1988 1989 1990 1992 1993 1994 1995 1996 1998 1999 2000 2001 2002 2003 2004 2005 2007 2008 2010 2011 2012 2015 2016 2017 Number of affected countries Number of events Source: EM-DAT: The CRED/OFDA International Disaster Database – www.emdat.be – Université Catholique de Louvain – Brussels – Belgium. Port of Spain, Trinidad and Tobago, 17 May 2019 4 Damage caused by storms The Caribbean (29 countries and territories):a damage caused by storms, 1973- 2017 (Billions of dollars) 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 1990 1995 2000 2005 2010 2015 Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Centre for Research on the Epidemiology of Disasters (CRED), Emergency Events Database (EM-DAT) [online] www.emdat.be, and assessments by ECLAC and the World Bank. aAnguilla, Antigua and Barbuda, Barbados, Bahamas, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cuba, Dominica, Dominican Republic, Grenada, Guadeloupe, Guyana, Haiti, Jamaica, Martinique, Montserrat, former Netherlands Antilles, Puerto Rico, Saint Kitts and Nevis, Saint Martin, Saint Lucia, Saint Vincent and the Grenadines, Sint Maarten, Trinidad and Tobago, Turks and Caicos Islands, United States Virgin Islands. Port of Spain, Trinidad and Tobago, 17 May 2019 5 Indebtedness and Vulnerability Port of Spain, Trinidad and Tobago, 17 May 2019 6 Domestic macroeconomic vulnerability: facing debt overhang, fiscal constraints and low growth Port of Spain, Trinidad and Tobago, 17 May 2019 Weak economic growth The Caribbean (15 countries): Average GDP growth rate (percentage) 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 2012 2013 2014 2015 2016 2017 2018 Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures. aAnguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago. Port of Spain, Trinidad and Tobago, 17 May 2019 8 Declining exports The World and selected groupings: merchandise exports, 2005-2015 (Average annual growth rates) Source: United Nations Conference on Trade and Development (UNCTAD), UNCTADstat [online database] unctadstat.unctad.org. Port of Spain, Trinidad and Tobago, 17 May 2019 9 High debt burden The Caribbean (15 countries): average total public debt for goods and service producers (Per cent of GDP) 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2012 2013 2014 2015 2016 2017 2018 Goods Producers Service Producers Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures. a Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago. Port of Spain, Trinidad and Tobago, 17 May 2019 10 External challenges affecting the Caribbean Blacklisting: Caribbean countries black Reduction in and grey listed Weakening of global growth Declining ODA Declining FDI by EU for De-risking multilateralism expectations failure to meet OECD tax compliance standards Port of Spain, Trinidad and Tobago, 17 May 2019 11 Declining overseas development assistance The Caribbean (13 countries): net official development assistance received, 1960–2016 (Percentages of gross national income) Source: World Bank database. a Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname and Trinidad and Tobago Port of Spain, Trinidad and Tobago, 17 May 2019 12 Falling foreign direct investments The Caribbean (15 countries):a foreign direct investment inflows (Percentages of GDP) 12 10 8 6 4 2 0 2012 2013 2014 2015 2016 Goods producers Service producers Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures a Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago. Port of Spain, Trinidad and Tobago, 17 May 2019 13 De-risking - Loss of correspondent banking - Reduced remittance flows - Increased cost of money transfers - Disruption of trade flows - Negative effect on economic performance Port of Spain, Trinidad and Tobago, 17 May 2019 14 Social vulnerability: a new social compact for Caribbean SIDS Port of Spain, Trinidad and Tobago, 17 May 2019 Social Challenges Advancing Investing for Low social Addressing Addressing women’s quality in High levels of protection NCDs and Poverty and empowerment human capital unemployment and access to inequality and their • Resources quality and migration ageing autonomy • Delinquency of skilled education for persons of the persons with population disabilities Port of Spain, Trinidad and Tobago, 17 May 2019 16 Poverty and Unemployment The Caribbean population below national poverty line, unemployment rate and youth unemployment (Percentages) Source: United Nations Development Programme (UNDP), Caribbean Human Development Report: Multidimensional progress: Human resilience beyond income, New York, 2016 and World Bank, “World Development Indicators” [online database] databank.worldbank.org/data/databases.aspx. Port of Spain, Trinidad and Tobago, 17 May 2019 17 Non-Communicable Diseases The Caribbean (15 countries and territories): deaths due to non-communicable diseases (NCDs) and population aged 60 and over, around 2010 (Percentages of all deaths) 90 MTQ JAM 85 ABW PRI GRD LCA ATG 80 VIR VCT BRB GLP 75 TTO 70 GUY BHS SUR 65 Deaths due to NCDs 60 BLZ 55 2 4 6 8 10 12 14 16 18 20 22 Population aged 60 and over Source: F. Jones, “Ageing in the Caribbean and the human rights of older persons: twin imperatives for action”, Studies and Perspectives series-ECLAC Subregional Headquarters for the Caribbean, No. 45 (LC/L.4130; LC/CAR/L.481), Santiago, Economic Commission for Latin America and the Caribbean (ECLAC), 2016. Port of Spain, Trinidad and Tobago, 17 May 2019 18 The way forward: collective actions Port of Spain, Trinidad and Tobago, 17 May 2019 Grasping opportunities Improve access to finance; Promote Strengthen Create the private Address Regional Sustainable environment sector; build challenges Integration investment resilience youth skills to de- for value in the blue and through risking, chains economy promote mitigation Offshore development and creative women in and services , adaptation concession industries SMEs financing Port of Spain, Trinidad and Tobago, 17 May 2019 20 Partnerships for Key cross-cutting issues New partnership for Address debt reduction Public-Private International through the ECLAC debt for climate adaptation Partnerships Cooperation swap initiative New Social Compact: renewed collaboration South-South and Promote Strengthen regional between State- Triangular international integration Private sector- Cooperation advocacy and Civil society solidarity on SIDS issues Port of Spain, Trinidad and Tobago, 17 May 2019 21 Thank you! Port of Spain, Trinidad and Tobago, 17 May 2019.
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