One of the Caribbean’s most noted academics says the region’s economies are “sagging”, and it is time for an urgent economic make-over.Professor Sir Hilary Beckles, Vice Chancellor of the University of the West Indies (UWI) is also suggesting that the continued focus on “old sectors” was no longer yielding the desired economic and social benefits for the region and its people.He argued that the time has come for greater focus on building out a more digital economy if the region is to remain competitive.“It doesn’t require much detailed assessment to recognise that the Caribbean economy pre-COVID, but now even clearer so post-COVID, the Caribbean economy is in need of new sources of entrepreneurial and innovative action and energy. We have to rebuild these economies,” Sir Hilary declared on Monday.Most regional economies depend primarily on the tourism sector for economic growth. With continued recovery from the COVID-19 pandemic, regional and international organisations have estimated that regional economic growth averaged around 10 per cent last year and could be around half of that this year.
