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IDB Warns Caribbean Countries To Brace For High Food, Fuel Prices In 2023

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A new Inter-American Development Bank (IDB) report has warned that Caribbean countries should prepare for the prolonged effects of external economic shocks in 2023.

Those shocks include high food and fuel prices and rising international interest rates.

According to the IDB, higher interest rates could lead to economic slowdowns, or even recessions in important source markets for exported services and goods from the Caribbean.

The Bank’s report has as its title: ‘ Headwinds Facing The Post-Pandemic Recovery.’

It observed that the impact of economic shocks would depend on the trade structure of individual countries and their external financing requirements.

“Hopefully, these unfortunate external conditions will improve during 2023,” said David Rosenblatt, the regional economic advisor for the IDB’s Caribbean Department.

Rosenblatt explained that, as with natural disasters, it is always prudent to prepare for the worst, even while hoping for the best.

The authors of the IDB report put forward several reform priorities.

The priorities included continued attention to fiscal consolidation and debt management on the macroeconomic dimension.

The authors also advised targetted interventions to help households cope with the effects of rising food and fuel prices.

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5 COMMENTS

  1. Private sector workers need to go on strike as the government refuse to enact a livable wage how can you have over 80 percent of your workforce earning 2 to 3 EC dollars an hour working 12 to 16 hour shifts that is inhumane and a crime against humanity

  2. Global means worldwide,it is prophesy or revelation !
    Thus,man shall not leave by bread alone, but everyword that proceedeth out of the mouth.
    God- “My grace is sufficient ”.
    For those who do not have ways and means,
    Your 😭tears will come to an end,and your joy will come,if only you believe.
    Blessed are those who believes whithout seeing.
    But to the wicked,the word of God says your years will come to an end !!
    Awake, awake ! Clothe yourself with strength, O arm of the LORD ; awake,as in the days gone by,as in generations of old.
    Was it not you who cut Rahab to pieces, who pierce the monster through ?
    Was it not you you dried up the sea,the water of the great deep, who made a road in the depths of the sea so that the REDEEMED might cross over ?
    They will enter Zion with sining ;everylasting joy will crown their heads.
    Gladness and joy will overtake them, and sorrow and sighing will flee away.
    “I,even,I am he who comforts you….
    More on the hidden manner !

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