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Date Published: 
September, 2008
Lead Researcher(s): 
Thematic Area: 

The small economies of the Caribbean have entered a period of extraordinary economic uncertainty following the loss of preferential trade agreements for the region’s agricultural sector. This has been exacerbated by technological advances that have resulted in fierce global competition from large, low wage countries in Asia. The services sector could represent an important source of economic growth, but only if the region moves beyond tourism to take advantage of emerging opportunities in the areas of financial services, business process outsourcing, offshore education and health services. This essay assesses the future prospects for the Caribbean to create a thriving service-based economy and offers ideas to help the region to build on and create a sustainable niche in the global economy.