Smaller Caribbean Islands Need to Work on Competitiveness

Caribbean Ministry of Finance Laurie Lawrence said there is a need for nation states particularly the smaller islands of the Caribbean to become more competitive in an increasingly external environment brought about by globalisation if they are to survive.

He said smaller islands have been placed at a disadvantage due to their lack of critical mass, which is necessary for them to benefit from economies of scale in the production of goods and services.

Lawrence’s comment came while he delivered brief remarks at a seminar last Friday, the final day of a week of activities promoting statistics literacy, hosted by the Department of Statistics and Economic Planning in the Ministry of Finance. The theme for the week was “Promoting Statistics Literacy: Poverty, the CSME and Sustainable Development”.

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