Latest update January 17th, 2025 6:30 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Innovative businesses in Caribbean show higher levels of productivity, sales—IDB Report says

Jan 17, 2025 News

Kaieteur News- Most Caribbean businesses are either innovative or potentially innovative but still face challenges, according to a new report by the Inter-American Development Bank (IDB).

In a press release the bank said that innovative businesses in the Caribbean have 26% to 35% higher levels of productivity and 21% to 81% higher sales per worker than non-innovative firms, depending on the type of innovation, according to the report titled “Innovation for Faster Economic Growth in the Caribbean: Are We There Yet?”.

The report is part of IDB’s Caribbean Economics Quarterly publication series, which focuses on the economic performance of The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago. The report also reveals that a substantial percentage of firms are poised to innovate but face significant barriers. Drawing on data from a survey conducted by the Compete Caribbean Partnership Facility, the report identifies the main obstacles faced by businesses to achieve innovation. These include macroeconomic conditions, the regulatory environment, access to finance, and labor market constraints. Challenges were amplified during the COVID-19 pandemic, and even at the end of 2024 several Caribbean countries have only just recovered their pre-pandemic levels of economic activity.

Other key findings from this edition include:

Nearly 57% of firms are potential innovators for general forms of innovation, 85% for digital innovation, and 48.8% for green innovation.

The percentage of firms filing patents increased from 7.9% to 12.7% between the 2014 and 2020 surveys. The percentage is slightly higher among female-led firms compared to male-led firms.

Policy measures to foster an enabling environment for innovation include improving labor market matches, providing dedicated support services for entrepreneurs, increasing access to innovative finance, and digitalizing public services.

“Innovation is one of the key drivers for growth and resilience in the Caribbean. This report highlights the remarkable potential of our region’s businesses. By addressing the barriers they face, we can unlock even greater opportunities for sustainable development and competitiveness,” said Anton Edmunds, IDB General Manager for the Caribbean. IDB’s Caribbean Economics Quarterly is a publication series dedicated to advancing economic understanding of Caribbean realities through the lens of The Bahamas, Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago. With a commitment to fostering development, this IDB report continues to be a trusted resource for policymakers, academia, and businesses.

(Innovative businesses in Caribbean show higher levels of productivity, sales—IDB Report says)

Similar Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

The Glenn Lall Show | January, 13th, 2025

 

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Windies captain Brathwaite stresses bravery, belief ahead of Pakistan Test Series

Windies captain Brathwaite stresses bravery, belief ahead of Pakistan...

Jan 17, 2025

SportsMax – With the stakes high and the odds challenging, West Indies captain Kraigg Brathwaite has placed an unyielding focus on self-belief and bravery as key factors for his team to deliver...
Read More
In-form Savory dazzles on second day with classy half-century

In-form Savory dazzles on second day with classy...

Jan 17, 2025

Moo Milk sponsors National U12 Chess tourneys

Moo Milk sponsors National U12 Chess tourneys

Jan 17, 2025

Determinators’ 2-1 win over Pele FC keep them alive as DeJonge needles Potaro

Determinators’ 2-1 win over Pele FC keep them...

Jan 17, 2025

Lusignan Golf Club to host Inaugural GBTI Mastercard Golf Classic this Sunday

Lusignan Golf Club to host Inaugural GBTI...

Jan 17, 2025

GFF Referee department recognizes top performances at Referee Award Ceremony, FIFA badges issued

GFF Referee department recognizes top...

Jan 17, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]