Tag Archives: The future is services

The View from Europe: The future is services – By David Jessop – Commentary

Commentary: The View from Europe: The future is services
Published on April 25, 2015 – By David Jessop
When in the early 1990s it became apparent that Europe’s preferential regimes for Caribbean bananas and sugar were coming to an end, an impassioned debate began about a transition to other forms of economic activity. For the most part, the language then was about alternative crops, import substitution, manufacturing, exports and financial services, with little said about tourism, as its sustainability was widely regarded as uncertain.

david_jessop.jpg
  David Jessop

Since then the world has moved on. Tourism has come to dominate most Caribbean economies; offshore financial services, after being encouraged, have come under threat from the same developed countries that had originally recommended them; and agriculture has only begun to genuinely reorient itself where it is low cost, has clear niche opportunities, or there is a recognised need to ensure food security.

Although this diminished role for traditional agriculture is still hard for some in the region to accept, it is clear that the greater part of the economic future for smaller economies is now in services (alongside taking much greater advantage of the Caribbean’s economically strategic location to transship, assemble or manufacture). So much so that in the small island economies it is likely to be the services sector that becomes the significant economic driver in the future.
Continue reading

%d bloggers like this: