The following examples are worth noting: (i)  First, the traditional preferences for bananas and sugar are now practically at an end and the region still finds itself unable to compete with lower-cost producers;  (ii)  Second, foreign aid flows to the region (with the exception of Haiti) have all be dried up;  (iii)  Third, while Caribbean tourism continues to be a viable brand, the region is facing stiffer competition from Asian destinations and will experience even greater competitive pressure when Cuba is fully opened up (as it could in the not too distant future); and  (iv)  Fourth, the prospect of continued high unemployment in the US and the UK for the next 2 – 3 years will have implications for workers’ remittances which are very important to some Caribbean economies.
BIS central bankers’ speeches  1  To add to these exogenous factors, most countries in the region already have unsustainably high debt burdens, which limit the extent to which government spending could lead the recovery.