Former deputy director of the Central Bank of Trinidad and Tobago, Dr. Shelton Nicholls said Caribbean countries “”need to ensure that the strategies and that we are currently grappling with to rekindle economic growth do not just address the immediacy of current challenges but really take us some distance along the road to achieving a sustainable development path”.
Addressing the Central Bank of Barbados Annual Review Seminar, Nicholls said that while the pre-occupation with economic growth in the region is undoubtedly critical, the Caribbean region should ensure that it does not lose sight of the bigger goal of economic transformation and development.
He warned that “short-term tinkering alone “with our macroeconomic and financial environment while crucial for economic stablisation may not give us the fillip that we really need to push our economies out of the current stasis.
Our survival will ultimately depend on finding “several engines of growth which together would give us enough of a diversified base to remain on a sustainable growth path”.”
“We must of necessity begin to take chances with developing some of the latent 38 industries like industries like the creative arts, the cultural sector, sports, that have been under our noses for some time.”