About 84 percent of firms in developing Asia possess a checking or savings account, which is lower than Latin America’s 89 percent. Still, in the case of Asia and the Pacific, a recent study by Asian Development Bank of 37 selected developing Asian economies in 2015 revealed that financial inclusion significantly reduces poverty and also reduces income inequality.
Unfortunately, I have spent my entire time outlining the many challenges that the Caribbean economies face in their quest for sustainable growth over the medium-term. But these challenges are not destiny and difficulties can become opportunities for change. Our region is at a cross-road of opportunity where the right combination of leadership, vision and commitment is needed to overcome a plethora of challenges.