Abstract One 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

IMPLICATIONS OF THE GLOBAL ECONOMIC CRISIS FOR CARIBBEAN REGIONAL INTEGRATION

Patsy Lewis

Sir Arthur Lewis Institute for Social and Economic Studies

The University of the West Indies

Kingston Jamaica

Published Online: March 15, 2017

ABSTRACT

The economies of member states of the Caribbean Community (CARICOM) were hard hit by the global financial crisis and recession, reflected, since 2008, in the severe contraction of key economic sectors and reduction in national income. The recession’s effects have generated concern that progress in implementing the Caribbean Single Market and Economy (CSME), which was viewed as a central element in enhancing the region’s competitiveness, would be derailed. This article establishes the effects of the recession on regional economies and presents the current state of play of implementation of the CSME. It suggests that the recession provides the basis for a broad reassessment of the CSME and its ability to address the real challenges confronting the region.