Time for Caricom single economy

Although global pressures could intensify this year, Caribbean economies must seize the opportunity to progress, including advancing the long delayed Single Economy component of the CARICOM Single Market and Economy (CSME).

That is the advice from Dr Kari Grenade, a Grenada-born regional macro economic adviser and consultant.

The former Caribbean Development Bank senior economist believed that the Caribbean “will need to cultivate new strategic global partnerships to bolster its resilience building efforts”, but stressed that “to fully seize these opportunities, outdated legislation must be repealed or modernised to reflect contemporary realities and enable timely actions”.

Grenade made her recommendations in the recent article 2026: A Hopeful View For The Caribbean. She said that “2026 must be a year of more decisive actions to advance the long delayed Single Economy component of the Caricom Single Market and Economy (CSME). In an increasingly strained global economy, operating in national silos is becoming less viable”.

Her view was that the Caribbean “will need to cultivate new strategic global partnerships to bolster its resilience building efforts”.

“This will require countries’ foreign policies to be aligned and recalibrated to strike a more deliberate balance between principles and pragmatism to unlock emerging global opportunities,” she said.

“At the same time, regional integration, coordination and collaboration must be substantially deepened.

“In this context, the region must strengthen mechanisms for pooling expertise, sharing good practices and lessons, aligning strategies and tactics, replicating innovations, and building consensus on the strategic issues that will shape its collective future.”

Grenade also said that “an integrated and coherent approach to economic planning and management is essential”.

“Governments should adopt a more mission oriented posture, articulating clear, specific, transformational, and measurable goals that guide sectoral policies and drive implementation,” she suggested.

“The shifting global economic landscape presents real opportunities for the Caribbean to chart new pathways for its sustainable development. Advances in artificial intelligence are reshaping industries worldwide, opening spaces for Caribbean countries to expand digital services, fintech, and remote professional offerings.

“At the same time, global policy shifts toward renewable energy and resilience are accelerating investment flows, creating opportunities to scale solar and wind energy and build more climate smart infrastructure in the Caribbean.

“Even amid rising protectionism, new trade lanes are emerging as global shipping patterns adjust to geopolitical tensions. Caribbean ports and special economic zones can position themselves as competitive hubs for trans shipment and value added logistics.”

Grenade noted that “to fully seize these opportunities, outdated legislation must be repealed or modernised to reflect contemporary realities and enable timely actions”. “Regulations and policies must also be continuously updated to keep pace with evolving contexts and ensure that the region is agile and competitive,” she said.

“Moreover, governments must place people at the heart of development by investing in skills, strengthening institutions, and ensuring that progress is grounded in fairness and inclusion. Economic transformation should be guided by the well-being and aspirations of citizens, not shaped or derailed by tribal and divisive politics.”

She added: “For the Caribbean, this is not a moment to brace for impact; it is a moment to lean forward.”

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