CSME Can Bring Growth, Says IMF

by Amanda Banks, Tax-News.com, London

17 June 2004

Speaking at a seminar co-hosted by the International Monetary Fund (IMF) and the Central Bank of Trinidad and Tobago last weekend, director of the IMF's Western Hemisphere department, Anoop Singh revealed that the multilateral body is optimistic regarding the future of the Caricom Single Market and Economy (CSME).

According to a BBC Caribbean report, Mr Singh suggested that if the region combines its resources to produce goods and services for the international market, there is great potential for success and economic growth over the coming years.

He then went on to cite the example of the integration experiences of Asia, observing that:

"Researchers have found that intra-regional trade within Asian countries explains a significant proportion of total growth. So I do believe in this region too, as you expand markets, expand trade - not only in goods but in services - that in itself will help raise growth in the region."

Figures released by the IMF during the meeting reportedly revealed that several countries in the Caribbean are among the most indebted emerging market economies in the world, leading IMF officials to remark that the region must make boosting economic growth a top priority.

Recommended