Question

Discuss the solutions to the problems facing Caribbean society.

Answer 1

• Globalization has contributed significantly to unemployment in the Caribbean. With the removal trade barriers, some industries have not been able to compete globally. The lack adequate skills that are required for the new industrial paradigm for example, information technology skills have also contributed to the problem of unemployment.
• A high level of unemployment among the young people of the Caribbean may results in various social problems, as survival may depend on illegal activities.
• Caribbean people migrate to first world countries in search of opportunities such as employment and education. When skilled and professional workers migrate, Caribbean countries may experience shortages in critical areas such as health care. Loss of skilled workers from industry will also retard growth and development.
• Caribbean economies have been under a tremendous amount of stress brought about by a combination of domestic and foreign factors, leaving many economists and other intellectuals to ponder the way forward. Several alternative policy prescriptions have been offered as possible solutions to the major economic problems facing regional economies.
• These solutions include stimulus packages in some cases, austerity measures designed to stabilize economies, and other specific ideas such as improving competitiveness of local industries to boost exports.
• Also allowing foreign capital plays a major role in the economic transformation since local resources alone cannot bring that development that the Caribbean society needs.
• Domestic policies and structural reforms that support private investment should be at the core of job creation and growth enhancement strategy.In general, government spending, private credit and/or improved competitiveness have helped support trend growth in employment over time.
• Train youth for high-potential sectors, promote youth entrepreneurshipInnovative solutions are needed. Some are in the works.
• In Jamaica, public and private institutions are partnering to improve employability and entrepreneurial skills among youth to meet the needs for skilled workers in sectors with high potential. In Barbados, Trinidad and Tobago, and Jamaica, another program promotes youth entrepreneurship.  
• New Employment Opportunities (NEO) has created multi-stakeholder partnerships with businesses, government, and civil society to provide training services and career counseling to 10,000 vulnerable youth.