The reality in the Caribbean is that the regional agricultural sector will find it difficult to be globally competitive for the same reasons that affected sugar and bananas. Similarly, labour intensive manufacturing can no longer compete internationally given the region’s relatively high wage structures and the rise of China as a major exporter of manufactures.
However, the examples of Ireland, Singapore and Cyprus have shown that small economies can be competitive in many service sectors and in niche manufacturing. Whatever sectors we target for attention, we must engage in a concerted push to improve productivity. It is not easy to measure productivity for the economy as a whole.