The Caribbean is a region rich in opportunities, with immense development potential. Home to almost 10% of the world’s coral reefs, approximately 45% of the fish species and 25% of the coral species, its unique biodiversity is an invaluable asset not only for the region, but for the world. While the region faces challenges such as exposure to climate change, limited access to external financing, and connectivity issues, the region’s natural resources and potential for growth offer significant prospects for development.
The Caribbean Development Dynamics is a new flagship report of the IDB and OECD that highlights the region’s development potential and informs national policies and international co-operation. The report calls for a shift in perspective – from seeing Caribbean challenges as limitations to recognising the opportunities they present. The Caribbean is part of the solution to our global challenges.
But, unlocking this potential will require bold policy actions, at both national and regional levels, together with stronger international partnerships.
First, at the national level, the report offers a comprehensive approach to challenges and opportunities. It draws on examples from within and beyond the Caribbean to guide efforts in diversifying economies, strengthening climate adaptation, and promoting job formalisation.
Second, at the regional level, the report highlights the potential benefits of deeper integration in areas like transport connectivity, renewable energies, and disaster risk reduction. The region’s diversity is an asset, with opportunities to learn from each other’s experiences and comparative advantages. With its integrated view of the Caribbean, the report aims to contribute to crafting a renewed regional perspective.
Finally, at the international level, more inclusive partnerships can bring the Caribbean perspective to the forefront. Though contributing little to climate change, the region faces its greatest impacts. The world should support the Caribbean in protecting its citizens and extraordinary biodiversity. Access to affordable financing remains a challenge, but the region is leading innovative climate finance solutions and shaping global discussions on international financial architecture. Multilateral institutions like the IDB and OECD have been working increasingly as a system and partnering with Caribbean countries in deploying new financial tools and providing policy guidance to mobilise climate finance to help the region strengthen its climate change resilience.
We hope that the report’s comparative analysis and policy recommendations, developed in close partnership with regional actors, will help the Caribbean advance a home-grown path towards a more prosperous, resilient and inclusive development.
The report also reflects our collective engagement with the Caribbean. The OECD Development Centre has been expanding its analytical work and membership in the region. The Inter-American Development, for its part, continues to be a significant partner in regional development, recently launching One Caribbean – a regional programme to address common challenges in resilience, citizen and food security, and private sector growth.
We are committed to continue delivering this annual flagship report, in the belief that it will contribute to improving the lives of the Caribbeans.
Mathias Cormann
Secretary-General
Organisation for Economic Co-operation and Development
Ilan Goldfajn
President
Inter-American Development Bank