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WorldMarch 4 2015

Caribbean Development Bank president looks to more diverse, recession-free future

Slowly but surely, the Caribbean is emerging from a long and painful recession. The president of the Caribbean Development Bank, Warren Smith, explains how diversifying the region's economy beyond tourism and establishing a renewable energy sector will help protect against future crises. 
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Caribbean Development Bank president looks to more diverse, recession-free future

The Caribbean Development Bank estimates that the region's real gross domestic product (GDP) growth in 2014 was lower than in the previous 12 months, at 1.3% against 1.7% in 2013. However, the bank’s president, Warren Smith, is optimistic that 2015 will see an improvement, with most countries predicted to grow by between 1% and 3%.

Tourism and construction will likely provide the backbone of this growth, with some improvement in commodity exports also anticipated. In its recent forecast, published at the end of February, the Caribbean Development Bank suggested that governments would place greater emphasis on fiscal consolidation in a bid to address the high indebtedness that is afflicting many countries.

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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