Private Sector Development in the Caribbean: A Regional Overview

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Reforms to stimulate sustainable growth led by the private sector are more important than ever. Although the details vary from country to country, structural reform is needed in most Caribbean countries. Economic diversification is essential for tourism dependent economies. Too many countries are also excessively dependent on imported energy and/or suboptimal solutions for power generation. Another issue is that in many Caribbean economies employment is dominated by the public sector—and at a time when governments' finances are under strain. Solutions will need to come largely from, or in collaboration with, private sector actors. Long-standing challenges will need to be overcome if the Caribbean countries are to make the transition to a position from which sustainable and inclusive growth is possible. Fortunately, the challenges are surmountable.

This report explores private sector development in the Caribbean region. The report is largely based on the analysis in the Private Sector Assessment Reports (PSARs) on 14 Caribbean countries. The PSARs were commissioned by Compete Caribbean, a private sector development, technical assistance program. The Economist Intelligence Unit combined its own proprietary analysis and forecasting data with analysis from the PSARs to produce this comprehensive summary report. This report provides a summary of the key private-sector development issues noted in the PSARs, and approaches to overcoming these challenges.

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