Abstract Five 2010

GLOBAL

DEVELOPMENT STUDIES

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Volume Six Winter-Spring 2010 Numbers 1-2.

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THEME: THE GLOBAL FINANCIAL AND ECONOMIC CRISIS: IMPLICATIONS FOR THE CARIBBEAN REGION

TROUBLE IN PARADISE: THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON THE CARIBBEAN

Lester Henry

Department of Economics

University of the West Indies

St. Augustine Campus

Trinidad & Tobago

Nicole Bissessar

Department of Economics

Kent State University

Ashtabula / Trumbull

Ohio, United States

Published Online: March 15, 2017

ABSTRACT

The impact of the global financial crisis is taking a heavy toll on the small open economies of the Caribbean. From the onset of the crisis, there were concerns from various sources about the possible negative consequences for the Caribbean region. However, the fallout is proving to be much more severe than most have predicted. This article reviews and examines the continuing and deepening economic problems faced by Caribbean islands since the start of the global economic crisis in 2008. After a brief introduction and review of the origins of the crisis, there is a detailed survey of the impact on small Caribbean economies particularly in relation to tourism, remittances and offshore banking services. The article concludes with an overview and evaluation of the policy responses by selected countries in the region.