Abstract

This paper focuses on the independent states that are full members of the Caribbean Community. It provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead. The Caribbean countries face several common problems and must deal with similar economic policy issues. Consequently, concentrating on the regional perspective permits a comparison of the individual responses to similar problems. The regional view throws light on the countries' movement toward convergence. The economic prospects for the region are generally satisfactory over the medium term, but the projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world. The relatively favorable outlook for the region is not without risks, such as a slowdown in growth in the major trading partner countries or a term of trade shock.

Statistical Appendix

Table A1.

Caribbean Countries: GDP by Sector of Origin at Current Prices

(In percent of GDP, 1998 unless otherwise indicated)

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Source: IMF, Recent Economic Developments reports.

Includes petroleum sector (crude oil, refining, service, marketing, asphalt, and petrochemicals) for Trinidad and Tobago.

Includes hotels and restaurants for Belize and Suriname.

Includes financial services for Barbados, and hotels and restaurants for Guyana.

Preliminary.

Preliminary 1997.

1997.

Table A2.

Caribbean Countries: GDP by Sector of Origin

(In current prices, percent of GDP)

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Source: IMF, Recent Economic Developments reports.

Preliminary.

Preliminary 1997.

1997.

Table A3.

Caribbean Countries: Gross Tourist Receipts

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Sources: IMF, Recent Economic Developments reports; and IMF staff estimates.
Table A4.

Caribbean Countries: Stayover and Cruise Tourist Arrivals

(In thousands)

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Source: Caribbean Tourism Organization.

Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

Table A5.

Caribbean Countries: Stayover Tourist Arrivals

(In thousands)

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Source: Caribbean Tourism Organization.

Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

Table A6.

Caribbean Countries: Cruise Passenger Arrivals1

(In thousands)

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Source: Caribbean Tourism Organization.

No information available for cruise ship visitors for Guyana, Suriname, and Cuba.

Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

Table A7.

Caribbean Countries: Number of Hotel Rooms

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Source: Caribbean Tourism Organization.

Includes Anguilla, Aruba, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Curaçao, Guadeloupe, Haiti, Martinique, Monserrat, Saba, St. Eustasius, St. Maarten, and U.S. Virgin Islands.

Table A8.

Caribbean Countries: Principal Exports1

(In percent of total exports)

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Source: IMF, Recent Economic Developments reports.

Data not available for Antigua and Barbuda.

Table A9.

Caribbean Countries: Indicators of Export Performance

(Annual percent change, unless otherwise specified)

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Sources: IMF, Recent Economic Developments reports; and IMF staff estimates.

Increase denotes appreciation. Data are end of period.

Data are on fiscal-year basis.

Increase denotes a depreciation.

Excludes re-exports.

Table A10.

Caribbean Countries: Imports by Economic Use1

(In percent of total imports)

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Source: IMF, Recent Economic Developments reports.

Data not available for Antigua and Barbuda.

Table A11.

Caribbean Countries: Trade Balances

(In percent of GDP)

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Source: IMF, Recent Economic Developments reports.