The Caribbean Community

08 Feb The Caribbean Community

The Caribbean Community (CARICOM or CC) functions as a vital intergovernmental organization uniting 15 member states, encompassing 14 nation-states and one dependency across the Americas and the Atlantic Ocean. Since its establishment in 1973 through the signing of the Treaty of Chaguaramas by its four founding members, CARICOM’s objectives have focused on fostering economic integration, ensuring equitable distribution of integrated benefits, and coordinating foreign policy. As of 2023, CARICOM’s total population stands at 18.9 million, with a regional GDP of USD $113.19 billion and an average per capita income of USD $5,998.

Noteworthy contributors to the regional economy include Trinidad and Tobago (USD $27.9 billion), Haiti (USD $20.3 billion), Jamaica (USD $17.1 billion), Guyana (USD $15.4 billion), and the Bahamas (USD $12.9 billion). Other member states include Antigua and Barbuda, Belize, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Barbados, and Suriname.

The region experienced remarkable economic growth, averaging 10.3% in 2022 compared to the 4.5% recorded in 2021. Looking ahead to 2023, the Caribbean Development Bank (CDB), headquartered in Barbados, anticipates a regional growth rate of 5.7%. This projected growth is predicated on the resurgence of tourism arrivals and ongoing investments in the energy sector. Additionally, Guyana, a founding member of CARICOM, observed an exceptional 98.4% growth in its oil and gas industry during the first half of 2023. Such remarkable progress is expected to significantly contribute to the overall regional GDP of CARICOM in years to come.

On 4 July 2023, CARICOM celebrated its momentous 50th anniversary. The milestone was celebrated with several events under the slogan, “50 Years Strong: A Solid Foundation to Build On”.