By: Staff Writer
January 31, 2025
Antigua and Barbuda’s Prime Minister Gaston Browne said at the first edition of the Economic Forum of Latin America and the Caribbean (LAC) 2025 that Caribbean countries continue to tackle big challenges like poverty, climate change and unsustainable debt.
At the LAC Davos forum, speakers emphasized innovative strategies for inclusive and sustainable growth in Latin America and the Caribbean. Key discussions included the importance of diversifying economies away from tourism, combatting climate change, and managing debt effectively.
Browne spoke about Antigua’s efforts in climate resilience, debt management, and educational expansion, advocating for a shift toward renewable energy and innovative financial solutions. Both leaders underscored the necessity of regional collaboration and technological advancement for the region’s development.
Browne also said: “Let me speak to the growth challenges facing Caribbean Small Island Developing States (SIDS), and there are many Caribbean SIDS are among the most vulnerable nations in the world. Our challenges are multifaceted and interconnected. However, I quote the words of Winston Churchill, Success is not final. Failure is not fatal. It is courage to continue that counts.”
He also said: “These challenges and their resultant shocks stem from the very realities of our geography, structural impediments of small size, lack of economies of scale, and the global geopolitical, financial and trading systems in which we operate.
“Despite these challenges, Caribbean SIDS continue their march to achieving resilient prosperity through economic diversification, building climate resilient infrastructure and developing human capital to enhance health care and educational advancement while simultaneously tackling unsustainable Debt, energy and food insecurity, unemployment and poverty, our economies are heavily dependent on a narrow range of industries, with tourism being the dominant driver for many of us.”
Browne also said: “Let me speak specifically to the issue of climate change, for Antigua and Barbuda and other SIDS, climate change is not a theoretical concern. It is a daily reality. Rising sea levels is eroding our coastlines, while stronger and more frequent hurricanes destroy lives and livelihoods, to include homes, businesses and infrastructure.
“These disasters have devastating economic and social consequences, setting back development gains and increasing our reliance and borrowing and to borrow repeatedly for economic restoration and to repair damaged infrastructure.
“This has resulted in a significant debt burden for most SIDS, these borrowings to repair damaged infrastructure have resulted in chronic debt challenges characterized by high debt to GDP ratios and unsustainable debt service burdens, which limit our ability to invest in other critical areas, like healthcare, education and technology, while we struggle to generate resources to rebuild damaged infrastructure and the economy, we have been precluded from accessing affordable financing because of a historically high per capita income.”