Report to support the participatory policy dialogue in the context of the Caribbean Growth Forum (CGF)
From the document:
Recent external shocks, including the 2008 global financial crisis, have left most Caribbean countries with high unemployment rates. The Caribbean region was strongly affected by the last great financial crisis, which resulted in 2010 on a regional average of zero economic growth.
Decreases in tourism, remittances and financial activity were the first negative consequence of the economic collapse in the United States and Europe, and more recently, a fall in commodity prices, induced by a softening of the Chinese demand for raw materials.
At the same time natural disasters have periodically taken a large toll on the region, and became a stronger source of vulnerability, affecting lives, infrastructure and, therefore, employment2. Most countries experienced negative or zero growth rates, but countries like Anguilla and Antigua and Barbuda were hit the worse and experienced negative rates of 18% and 12% respectively.
Nonetheless, there were some exceptions such as Dominican Republic and Guyana, which experienced a slowdown but did not see negative rates in the period.