Coronavirus : A Major Threat To Caribbean Economies
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| Flags of Caribbean Countries |
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| COVID-19 |
The countries of the Caribbean
are being thrown into widespread crisis because of the Coronavirus Disease (COVID-19).
Already consumers are in what is generally called “hurricane mode”, as they
rush to purchase and stock up on items. It seems that the Caribbean can never “get
a break” and as we grapple with increase crime; environmental issues along with
persistent economic stagnation, we are always aware that positive or negative “outside
developments”, can affect us accordingly.
Many decades ago, the late Dr. Eric Williams, Prime Minister,
of Trinidad and Tobago, lamented that we are usually thrown into economic whirlpools
by events outside of our immediate control. He opined that until we can counter
such developments with regional policies and programs, we would remain
vulnerable. We have already seen the oil crisis of the 80s almost wreck all the
economies of the region.
In more recent times we have grappled with the fall out of
the recession that apparently had its genesis in the greed of Wall Street. At
least one regional Prime Minister declared it the greatest recession since the
great Depression. The virus threatens the tourism industry, that is the main
positive economic driver within many of our economies. Some hotels are experiencing
a decline in sales prompted by rising cancellations and the cruise ship
industry is virtually underwater. This means many countries will lose vital
foreign exchange that they cannot afford. Some regional leaders, already dependent
on foreign institutions for funding, are applying for further assistance or renegotiation
of existing financial aid agreements.
Against this challenging background regional governments must
now put already scarce resources into containing the COVID-19. This will mean
significant stress on the existing challenges facing many governments and the
management of their health services.
We can only hope that the virus is contained and that the
pressure brought by its arrival is not for a dangerously prolonged period. Once
more we must confront a crisis that is not of our making but one that demonstrates
our vulnerability to outside socio-economic threats which land on our regional
doorstep.
Dr. Eric Williams was correct!
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