Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

financial crisis of 2007-08, investors pumped money in commodities such as gold, which also led to increasing prices of commodities. As a result, the period 2000-12 was particularly very good for commodities exporting economies of the CARIFORUM region. Post 2012, however, the commodities super cycle ended as growth in emerging economies slowed down and oil prices took a hit with the production of shale oil and gas in the USA reaching an all-time high. With a fall in global commodity prices, the commodity producing economies of the region suffered moderating growth rates, while natural disasters like hurricanes and stagnating tourist arrivals led to less than stellar economic performance in the services-based economies.

Figure 1: GDP of the CARIFORUM Countries (US$ billion)

Source: IMF WEO October 2021

Present Scenario and the Impact of COVID-19 The first case of the coronavirus infection was reported in the Caribbean region on March 12, 2020, in Jamaica. The CARIFORUM Countries have reported 1,123,516 cases of coronavirus infections, and 15,227 people have succumbed because of the infection, as on February 01, 2022 8 . The economic disruptions due to the COVID-19 pandemic has impacted the CARIFORUM economies on twin fronts. First, the collapse of international commodity prices has left the commodities dependent economies 9 in deep trouble. Second, because of travel restrictions and lockdowns the tourism sector has taken one of the biggest hits ever. As a

8 Johns Hopkins Coronavirus Resource Center 9 Belize, Guyana, Suriname, and Trinidad and Tobago

Macroeconomic Overview of the CARIFORUM Region

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