2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth

Galindo, Arturo; Nuguer, Victoria

doi:10.18235/0004780

Cited by 2 publications

(1 citation statement)

References 16 publications

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“…In the macroeconomic realm, ensuring a stable macroeconomic framework through appropriate fiscal and monetary policies is a necessary condition to establish the business climate suitable for the investment and innovation required for faster growth. This is not only true for the Caribbean but also for Latin America and the Caribbean more broadly, as noted in the IDB's latest Macroeconomic Report on the region (Galindo and Izquierdo 2024).…”

Section: Guyanamentioning

confidence: 89%

Caribbean Economics Quarterly: Volume 13, Issue 1: Risks and Opportunities for Caribbean Economies in a Diverging World

Rosenblatt,

Saboin,

Ortiz de Mendívil

et al. 2024

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Caribbean economies are experiencing continued growth into 2024 as the severe economic and social stress of the COVID-19 pandemic has receded. Meanwhile, global economic conditions may be diverging. For Caribbean economies, these divergent circumstances and policies could create both risks and opportunities moving forward. The much-anticipated lowering of global interest rates has not yet materialized. The U.S. economy is performing more strongly than expected, with inflation stuck above the 2 percent target. This is leading to the possibility that the U.S. Federal Reserve will further delay reducing the policy interest rate. After the strong economic recovery of 20212023, Caribbean economies continue to grow at a somewhat faster pace than Latin America and the Caribbean as a whole. Further work to strengthen macro frameworks is a fundamental precondition for growth. A renewed focus on regulatory reforms, human capital, and resilient infrastructure could make Caribbean economies “ready for take-off” to higher levels of growth. Country circumstances vary substantially, as noted in the country sections of this report.

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Section: Guyanamentioning

confidence: 89%

Caribbean Economics Quarterly: Volume 13, Issue 1: Risks and Opportunities for Caribbean Economies in a Diverging World

Rosenblatt,

Saboin,

Ortiz de Mendívil

et al. 2024

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Defossilising Caribbean's energy system: Highlighting on e‐fuel imports, grid integration, and accelerated transition

Oyewo,

Kunkar,

Bogdanov

et al. 2024

IET Renewable Power Gen

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Transitioning to renewables is critical to address the Caribbean's vulnerability to imported fossil fuel price volatility and concerns about climate change. This study presents a first‐of‐its‐kind comprehensive analysis of 17 illustrative pathways varying the impact of e‐fuel imports, grid interconnections and an accelerated energy transition towards the Caribbean's carbon neutrality by 2050. The research method is based on techno‐economic principles for designing a cost‐optimal energy system. An optimisation tool is used, the LUT Energy System Transition Model, to analyse the various pathways. The study finds that high uptake of renewables in Caribbean energy systems significantly lowers costs and enhances reliability, crucial for building competitive and resilient economies. Renewable energy dominated pathways show 7–24% lower cumulative costs compared to alternatives, with grid integration reducing costs by 1–10%. Accelerated transition pathways incur 3–12% higher costs than complete defossilisation by 2050. Solar photovoltaics, wind power, batteries, and electrolysers are pivotal for achieving carbon neutrality by 2050. Importing e‐fuels reduces system costs by 7–16% and supports local resource use. Offshore renewable energy overcome land limitations, driving sustainable development and a vibrant blue economy. High electrification levels with renewable energy, sector coupling, and Power‐to‐X solutions enhance system efficiency and flexibility. Given the dominance of solar photovoltaics, the Caribbean's energy transition could be more appropriately called a ‘Solar‐to‐X Economy’. This research contributes to the international perspective on sustainable energy transition for islands.

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2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth

Cited by 2 publications

References 16 publications

Caribbean Economics Quarterly: Volume 13, Issue 1: Risks and Opportunities for Caribbean Economies in a Diverging World

Caribbean Economics Quarterly: Volume 13, Issue 1: Risks and Opportunities for Caribbean Economies in a Diverging World

Defossilising Caribbean's energy system: Highlighting on e‐fuel imports, grid integration, and accelerated transition

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