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Air Transport Competitiveness and Connectivity

Air connectivity is a critical element for economic growth and development, especially for the small island nations of the Caribbean. Additional air services and frequencies mean higher traffic volumes, which in turn help to improve economic competitiveness and therefore create employment opportunities. Improved and more regular air connections enable economies to attract more tourists (including non-leisure visitors), conduct more trade and attract more foreign investment. Without these important air links, a country’s economy and employment potential could suffer. Click here to access publication. © Caribbean Development Bank, 2018

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ICA Annual Report 2017

This Annual Report is a summary of the Office of Integrity, Compliance and Accountability’s (ICA) second year of operation. During 2017, ICA advanced significantly its work to operationalise the Strategic Framework for Integrity, Compliance and Accountability 2015 using a phased, accelerated and risk-based approach.

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Financing the Blue Economy: A Caribbean Development Opportunity

Within the context of the 2030 Sustainable Development Agenda and CDB’s Strategic Plan, “Financing the Blue Economy: A Caribbean Development Opportunity” examines the potential of the blue economy to drive sustained and inclusive economic growth. The Paper, a joint initiative between CDB and the United Nations Development Programme, also explores factors that can constrain our Region’s ability to take full advantage of the ocean’s potential. New and high-value blue economy growth industries such as aquaculture, marine biotechnology, deep seabed mining, and ocean renewable energy remain under-developed in our Region.

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Air Transport Competitiveness and Connectivity in the Caribbean

Air connectivity is a critical element to economic growth and development, especially for the small island nations of the Caribbean. Improved connectivity means additional air services, frequencies and traffic volumes. These have been found to contribute to increased employment opportunities and to benefit the wider economy. The International Air Transport Association’s Connectivity Index shows that air connectivity growth in the Caribbean has been generally and relatively weak, and limited to a few countries. Based on the application of a gravity model, high costs are among the primary factors contributing to weak intra-regional air travel demand and the related constraints on connectivity. Introducing policy remedies could lead to increased long-term employment, adding approximately 288,000 jobs, as well as USD4.4 billion in GDP across the Caribbean.

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2017 Annual Report

The Annual Report of the Board of Directors to the Board of Governors reviews CDB’s operations, programmes and initiatives, human resources management, external relations and partnerships, and financial management.

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Development Effectiveness Review 2017

The Development Effectiveness Review (DER) assesses development trends and progress within CDB’s Borrowing Member Countries (BMCs), particularly those that are connected to the Bank’s corporate priorities, as outlined in the 2015-2019 Strategic Plan. The report complements the Results Monitoring Framework (RMF), which is a four-level management tool used to track and monitor implementation progress of the Strategic Plan. The DER also measures the results that BMCs have achieved with CDB’s support vis-à-vis targets outlined in RMF and identifies areas in which the Bank can improve its performance.

This DER is the seventh annual review of CDB’s corporate performance and results achieved by BMCs in line with the regional and global development goals

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SDF Annual Report 2017

This 2017 Annual Report of the Special Development Fund (SDF) is the first review under SDF 9. The Report examines the operational performance of the Fund in its first year of SDF 9 relative to 2016 and where appropriate, previous years to better contextualise performance. The analysis also juxtaposes the 2017 out-turn against strategic themes, and planned activity as contemplated in the Contributors’ Report.

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A Policy Blueprint for Caribbean Economies

This paper introduces a framework for discussing impediments to sustainable economic growth and development. The challenges to regional development can be broadly characterised under: Macroeconomic, Productivity and Competitiveness, Human Development, and Environmental. These issues persist against a backdrop of an ambitious, yet stagnant, regional integration agenda and other implementation gaps that further restrict governments’ ability to achieve economic growth and development objectives.

This paper presents a vision for regional economic transformation, underpinned by specific strategies with achievable objectives. The effectiveness of these strategies depends on recognition of the importance of building resilience in all aspects of development.

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Country Economic Review 2017 – Cayman Islands

The Cayman Islands economy has gradually picked up pace since the global financial crisis, which had a significant negative impact on the financial sector. Since 2014, the sector has returned to stable, albeit modest, growth and the economy has reaped the benefits from diversification to professional, scientific, and technical activities. This diversification, together with a boom in tourism, pushed the growth rate of the economy close to pre-crisis levels, and inflation also reached positive levels again. In the meantime, skills shortages in the local economy led to strong growth in the number of work permits issued. The economy remains highly dependent on international developments, including, in particular, legislation and regulation regarding international taxation, financial institutions, and the international business sector in the United States of America (USA) and in the European Union (EU).

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Country Economic Review 2017 – British Virgin Islands

Economic growth in the British Virgin Islands (BVI) is estimated to have contracted in 2017, due in part to the impact of unprecedented weather-related events. Over the period August 7 to September 19, 2017, BVI was affected by severe flooding and two Category 5 hurricanes. The most destructive of the three events, Hurricane Irma, caused widespread and catastrophic damage to the Territory on September 6. This was followed by Hurricane Maria on September 19, 2017.  Damage from the two hurricanes is estimated to have exceeded $3.6 billion, equivalent to approximately three and a half times the annual gross domestic product (GDP) of BVI. The decline in economic activity, particularly in the last quarter of the year, is expected to have weakened the fiscal and debt positions of the Government of British Virgin Islands (GOVI).  Click here to access publication. © Caribbean Development Bank, 2018

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