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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)

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