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Wednesday, 08 June 2011

EU trade pact brings both setbacks and opportunities

In his first address to the board of governors of the Barbados-based Caribbean Development Bank (CDB), Dr. Warren Smith, the new president of the region's premier lending financial institution, warned of insecurities engulfing Caribbean economies. He told the governors meeting here last week that the situation has been worsened by structural weaknesses and extreme vulnerability linked to Caribbean countries' small size, openness, narrowness of the production base and proneness to potentially devastating natural disasters. "The economic structure has been further undermined and industry competitiveness challenged by volatile oil prices since the 1970s and the deeper integration of Caribbean economies into the international financial and economic systems through globalisation," he said.

Source: ipsnews.net