Inter-American Development Bank (IDB) President Luis Alberto Moreno was the keynote speaker at the Caribbean Growth Forum (CGF), held in Nassau, The Bahamas on June 24-25. The CGF is an initiative led by the IDB, World Bank, and the Caribbean Development Bank with the support of the United Kingdom Agency for International Development and the Canadian International Development Agency. The CGF initiative was initiated to face the challenge of chronic low growth in the region. This is the highest priority for the Caribbean Department of the IDB.

The CGF supports the competiveness action plans of 15 participating Caribbean countries to increase competitiveness and growth. Based on an intensive consultative process, three priority areas have been validated: (1) Investment Climate; (2) Logistics and Connectivity; and (3) Skills and Productivity. The CGF will identify and monitor the implementation of a set of specific policy reforms to boost growth in each country and regionally. The initiative engages all critical players, including Governments, the private sector, women-in-business organizations, competitiveness councils; youth, civil society and the Caribbean Diaspora.

IDB President Moreno emphasized the IDB’s commitment to bolstering Caribbean economic growth and improving the region’s competitiveness: “The Caribbean faces a choice: sticking with the status quo or going for a grand agreement. Doing nothing, of course, is not a viable option. It implies either spiraling debts or a fiscal compression with persistent low growth. Inevitably, it would lead to worse living standards for your citizens. The alternative is reaching a grand agreementto put your countries on a path to higher and socially inclusive economic growth. An option that generates good jobs and resources to care for the vulnerable. A choice that offers hope.”

For the full text of President Moreno’s speech, click here.