1945

Most members of the Caribbean Common Market (CARICOM) are highly indebted1 (Table 6.1), as they struggle to emerge from the global recession triggered in September 2008, which stressed their banking system and led to the failure of a major regional insurance2 company in 2009. After meeting their debt obligations, there is little left for the state to support socio-economic imperatives. Consequently, the 2010–2014 period can best be described as one of slow growth. GDP progressed by about 1% on average over this period, although growth climbed to 2.3% in 2013 and growth of 3% is projected for 2014 (Figure 6.1).

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