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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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Country Economic Review 2017 – The Bahamas

The Bahamian economy grew by an estimated 1% in 2017. This continues a period of negative or low growth, which started in 2012, and which has also included consecutive declines in the economy from 2014 to 2016. Growth in 2017 was largely driven by the impact of increased growth in the United States of America (USA), the opening of Baha Mar in April, and related construction sector activities. Notwithstanding, economic activity was tempered by the passage of Hurricane Irma. The unemployment rate decreased from 12.2% in 2016 to 10% in 2017, in line with the increased economic activity. Click here to access publication. © Caribbean Development Bank, 2018

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Country Economic Review 2017 – Antigua and Barbuda

Macroeconomic conditions in Antigua and Barbuda have been mixed. Economic growth accelerated in 2016, but is estimated to decelerate in 2017.  Notwithstanding buoyant growth for the past three years, fiscal conditions have deteriorated with relatively high gross financing needs and severe cash flow difficulties in Central Government (CG).  A combination of a sharp decline in  Citizenship by Investment Programme (CIP) and National Development Fund receipts; increased demands from spending post-Hurricane Irma; and rehabilitation and reconstruction requirements in the absence of grant or concessional funding, could further exacerbate the cash flow situation.  These developments could further increase the underlying risks to macroeconomic stability and fiscal and debt sustainability. Click here to access publication. © Caribbean Development Bank, 2018

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Country Economic Review 2017 – Barbados

The Caribbean Development Bank (CDB) estimates that the Barbadian economy grew by approximately 1% in 2017, compared with 1.8% in 2016. This growth was underpinned by increased economic activity in the tourism and construction industries, although tourism activity was noticeably stronger in the early months of 2017. The performance of all other sectors was subdued. The average unemployment rate stood at 10.2% for the 12-month period ended September 2017, slightly higher than the corresponding period in 2016. Inflation levels remained relatively low, although it increased to 4% at the end of October, from 1.5% in the previous year.   Click here to access publication. © Caribbean Development Bank, 2018

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Country Economic Review 2017 – Anguilla

The Anguilla economy contracted in 2017. After a fairly robust performance during the first half of the year, the economy was battered by a catastrophic, Category 5 hurricane in September.  Hurricane Irma resulted in severe infrastructural damage and one confirmed fatality. In the storm’s aftermath, the overwhelming majority of income, employment, and foreign exchange activities decelerated, dampening overall economic activity.  Click here to access publication. © Caribbean Development Bank, 2018

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Caribbean Early Childhood Development Good Practice Guide

The Caribbean Early Childhood Development Good Practice Guide is designed to assist Policymakers, planners, officers and practitioners in the field to design and deliver good quality care and learning experiences for children in their countries.

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2017 Caribbean Economic Review and 2018 Outlook

The extreme vulnerability of the Caribbean Region was highlighted once again in 2017. Many of Caribbean Development Bank’s (CDB) Borrowing Member Countries (BMCs) were affected by the hurricanes that passed through the Caribbean in September.

Notwithstanding the devastating events of 2017, there was an overall uptick in economic growth to 0.6%.

Although growth returned in 2017, the Region continues to underperform in comparison with other country groups.

Looking ahead, the Region is expected to grow by 2% in 2018, benefiting from a projected increase in global economic growth, but risks are tilted on the downside.

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CTCS: Supporting Entrepreneurship and Enterprise Development in the Caribbean

The Caribbean Technological Consultancy Services (CTCS) Network represents the Bank’s pioneering work in providing support services to fledgling businesses that are often unable to get assistance, and lack business systems and vital know-how to manage successful enterprises and projects. For more than 35 years, the Network has strengthened the professional services offered by business support organisations and public bodies to micro, small and medium-sized enterprises. The range of projects completed over the decades demonstrates a strong legacy of work in business development and entrepreneurship. Some of this work is highlighted in this booklet.

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