By Majella Mark
- Small Island Developing States (SIDS) are home to over 65 million people on over 1,000 islands worldwide and make up over 16% of the global economy
- Caribbean Small States have increased their GDP as a collective to 64% from $32.39B to $53.25B in the last decade
Small Island Developing States (SIDS) is home to over 65 million people across 1,000 plus islands globally, accounting for over 16% of the global economy. They make up 0.5% of the surface area of the whole planet and cause less than 1% of the worldwide greenhouse gas emissions, yet the decisions of bigger nations impact these nations. They also have some of the highest electricity costs and faces an average GDP loss of 1-8% due to fuel dependency and natural disasters.
Why This Matters: The Caribbean Futures Forum Inc. has been registered in Grenada with the aim to solve specific issues unique to the Caribbean. SIDS find themselves at a disadvantageous position because they face unique economic and developmental challenges. With their size, location, and vulnerability to external shocks, privatization could potentially offer both opportunities and risks. So what does this mean? Where the typical think tank may focus on reporting for policymaking, this particular one is focused on bringing people together with specific skills and supporting their efforts to solve Caribbean-specific problems without heavy dependency on any government or larger organization through a charitable model.
So, while many SIDS are looking for support from the United Nations or the World Bank, a group in the Caribbean is trying to do things differently, which is why more small nations should follow suit. According to the World Bank, Caribbean Small States have increased their GDP as a collective from $32.39 billion to $53.25 billion in the last ten years, a 64% increase. Two of the most prominent players are Guyana, with a revenue of $16.8 billion in 2023, and The Bahamas, a close second at $14.3 billion.
Situational Awareness: As the Caribbean Futures Forum Inc. think tank begins its journey, it represents a shift in how SIDS can approach its unique challenges. By leveraging the skills and expertise of individuals across the diaspora and within the region, this initiative seeks to create sustainable, enterprise-driven solutions. With the economic growth of the Caribbean already on the rise, the organization aims to further empower these small nations to shape their futures, setting a powerful example for other small nations worldwide. The success of this model could redefine how smaller economies address global challenges and be a benchmark, demonstrating that even the most minor players can have a significant impact through innovation and collaboration.
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