Having problems with regionalism and globalisation

A lot of talk has been generated by the Cricket World Cup (CWC) as an example of how the region can come together and make things successful. But around that talk there are other mutterings or loud shouts that suggest that not everyone sees it this way. Take, for example, the opening and closing ceremonies for CWC. I have heard and read comments that complained that the Jamaicans did not pay enough attention to the culture from the other countries. Recently, some Bajans have been complaining that the closing ceremony did not showcase Barbados, not least because the contract for the final music and dance “spectacle” had been given to a Trinidadian, Peter Minshall. That added to discontent that much of the final event had involved contracts going to foreign companies.

Jamaican economic growth and inflation doing better, but budget overruns are worrying, says IMF

The IMF’s latest assessment of Jamaica’s economic performance is very positive (see http://www.imf.org/external/pubs/ft/scr/2007/cr07152.pdf). It notes that the economy registered its best growth for nearly a decade, at just under 3% in FY 2006-7. Equally significant, prices rose by 6 1/2% in FY 2006-7, compared to a recent high of 19% in September 2005. The improvement in agricultural activity helped in both cases. The current account of the balance of payments also improved, helped by increased tourist receipts and remittances. With the help of capital inflows, net international reserves reached historically high levels, at just about US$ 2.3 billion.

However, the budgetary picture remains worrisome, and fiscal targets for FY 2006/07 were missed by a wide margin notwithstanding the overall strong economic context.

What the Caribbean in paying for crime

This week, the World Bank in collaboration with the United Nations Office on Drugs and Crime produced a report entitled “Crime, Violence, and Development: Trends, Costs, and Policy Options in the Caribbean” (see document crimeandviolenceinthecaribbeanfullreport1.pdf). It details and quantifies some of the startlingly terrifying statistics about violent crime in the region, and notes that the solutions are not to be gained from national actions, but need international efforts, especially from the United States of America, from where most of the guns come, and to where most of the drugs traded through the region go.

 The region’s vulnerability to drug trafficking as a transhipment point is a major problem, wedged between the major sources of cocaine in the south and the major consumer markets in the north.