Question

identify four key macro economic issues as a result of covid 19 in the caribbean

Answer 1

The consequences of COVID-19 would spark the region's biggest contraction since 1914 and 1930. There is expected a sharp rise in unemployment, with negative impacts on poverty and inequality. COVID-19's impacts include a decline in foreign trade, dropping oil costs, reduced demand for tourism services and a decrease in remittances, sent home by workers overseas. The Caribbean will see a decline of -1.5 per cent caused by decreased demand for tourism services.

It is also expected that the job market will collapse. Unemployment is projected to hit about 11.5%, up from 8.1% last year. This means there will be almost 38 million people out of jobs.
Small and medium-sized businesses (SMEs) provide formal work with more than 50 per cent of workers, thereby rising the 'negative effect.'
Unemployment and the slowdown in economic development would likely have a knock-on impact on family income and the capacity to satisfy basic needs. The study anticipates that this year, the poverty rate will rise by almost 4.5 percentage points, indicating that almost 30 million more people around the world will find themselves in "poverty conditions"