Knowledge Note

The power sector is integral to economic development and inclusive growth in the Caribbean Region. The Caribbean economies are looking to rebound from the recession the region faced between 2008-10, and while some countries have begun to post some sluggish yet positive growth, others have continued to contract. Economies that rely on significant tourism have been particularly hard-hit, as it, along with associated sectors in construction and transportation, make up substantial shares in the Gross Domestic Product (GDP) of many island economies. Services are another key driver of economic activity, particularly in the countries that are a part of the Organization of Eastern Caribbean States (OECS), where it can account for 70 percent or more of GDP. Many of these economies that rely on tourism and services have faced considerable hardship during the recent global economic slowdown, while structural challenges in many have made it difficult for them to adapt. Key among them are high levels of external debt, challenges accessing finance, and the extremely high cost of electricity, which erodes the region’s economic competitiveness and stymies growth.

About the Presenters

Migara Jayawardena

Laura Berman

Chandra Shekhar Singha

Gerry Huttrer

Mandkhai Bayarsaikhan