Business
Central Bank Governor Dr Kevin Greenidge Proposes Five-Pronged Economic Model for Sustainable Inclusive Growth in Barbados and the Caribbean
Central Bank Governor Dr Kevin Greenidge proposes a sustainable economic model for inclusive growth in the Caribbean, focusing on the Blue Economy, digital transformation, green energy, agriculture, and regional integration.
4 min read
Originally published by barbadostoday.bb (opens in new tab)
By Emmanuel Joseph
Central Bank Governor Dr Kevin Greenidge has proposed a five-pronged economic model for sustainable inclusive growth that he wants to see implemented by Barbados and other Caribbean countries.
He identified the Blue Economy, a digital Caribbean, green energy transition, an agri-revolution and intensifying regional integration as the pillars on which his model is anchored.
Greenidge outlined his vision while delivering the third Distinguished Owen S. Arthur Memorial Lecture organised by the Sir Shridath Ramphal Centre for International Trade, Law, Policy and Services (SCR) and the Caribbean Development Bank (CDB), on Thursday night, on the topic, A New Dawn – Charting the Course for Sustainable and Inclusive Economic Growth in the Caribbean.
He noted that the Blue Economy emphasises sustainable use of ocean resources for economic growth, improved livelihoods, and job creation while preserving the integrity, resilience, and biodiversity of marine ecosystems.
“Strategic implementation of the Blue Economy in the Caribbean entails developing comprehensive policies and regulatory frameworks that endorse sustainable practices, foster regional collaboration, and encourage international partnerships,” the senior economist told the audience in the Walcott Warner Theatre at the Errol Barrow Centre for Creative Imagination, Cave Hill Campus, The University of the West Indies.
“Cooperation among Caribbean nations is necessary to manage shared marine resources effectively, mitigate common threats, and maximise economic opportunities.”
Saying that the digital space offers boundless opportunities, Greenidge recommended that the region become digitally fluent. He said the establishment of tech hubs, bolstering digital infrastructure, and promoting e-commerce can redefine the region’s economic narrative.
“I am talking about digital education and training where we incorporate foundational digital skills into educational curricula, and where we partner with global tech giants or universities to establish tech institutes or coding boot camps. This can provide young people with skills in areas like AI [artificial intelligence], data analytics, or app development,” he proposed.
“I am talking about digital health initiatives like telemedicine which, in my opinion, is especially relevant for the scattered geography of the Caribbean as telemedicine can ensure everyone has access to quality healthcare advice, irrespective of their location or station. We should also be seeking to digitise health records, thereby streamlining medical services and ensuring timely care.”
