Caribbean Region: Current Economic Situation, Regional by World Bank Group

By World Bank Group

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Extra info for Caribbean Region: Current Economic Situation, Regional Issues and Capital Flows, 1992 (World Bank Studies)

Sample text

Governments need to formulate and implement action plans, for which donor technical and financial assistance would be required. These will determine the priority in each country which, in general, will include coastal zone management, water, liquid and solid waste issues, land tenure and use, and property rights. At the regional level, cooperation in determining environmental priorities and in planning and implementing environmental policies should be enhanced by active participation of existing institutions, such as United Nations Environment Program (UNEP), Caribbean Environmental Health Institute (CEHI), Institute of Marine Affairs (IMA), and Center for Environmental Research Management (CERMIS).

The preferences relating to garments appear to be the least vulnerable to significant change. In light of this, the Caribbean countries need to recognize that they have to become more efficient and fulfill the macroeconomic conditions that will enable them to compete in the changing world environment. Most likely, in the future, the Caribbean countries will have to place greater emphasis on tourism and service related industries which make use of the human resources available. In tourism, some countries have opportunities to complement the beach and sea Page xi tourism with nature tourism, provided appropriate environmental policies are put in place.

Examples abound where public sector entities in the Caribbean have failed to perform their functions adequately and/or are a drain on the public finances. It is in commercial and industrial activities where the rationale for privatization of such enterprises is the strongest. Particularly in open economies, these sectors tend to be competitive, and enterprises subject to market discipline will exploit possible efficiency gains to avoid bankruptcy. Privatization of public utilities, which often are natural monopolies, has proven to be more difficult to undertake.

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