REGIONAL: Slow Economic Growth Predicted for Region in 2016
Caribbean governments have been urged to speed up legal and regulatory reform amid predictions of slower economic growth for the region, following last year’s mixed fortunes.
In its annual review of the performance of regional Borrowing Member Countries (BMCs), the Caribbean Development Bank said the global economic difficulties of 2015, including the slowdown in China and its effect on markets elsewhere, had an overall negative impact on the region.
The vulnerability caused by a heavy reliance on overseas markets, as well as the impact of natural disasters such as storms and drought particularly in Dominica and The Bahamas, stymied growth. In some BMCs, the reduction in Correspondent Banking Relationships (CBRs) threatened the financial systems and real economies.