Grenada Ranked 3rd Wealthiest in OECS

With an average gross national income of US$7,110 Grenada is ranked as the third wealthiest OECS country and sixth in the Caribbean region according to 2014 World Bank Development Report.

The WDR 2014 argues that risk management can be a powerful instrument for development — not only by building people’s resilience and thus reducing the effects of adverse events but also by allowing them to take advantage of opportunities for improvement.

The WDR 2014 is not devoted to a detailed analysis of specific risks. Its framework, however, can be implemented to address particular, relevant sets of risks in given regions and countries. Focusing on the process of risk management allows the WDR 2014 to consider the synergies, trade-offs, and priorities involved in addressing different risks in different contexts, with the single motivation of boosting development.

The information is data of its main criterion for classifying economies, the gross national income which is the gross national income of a country divided by its total population. It is also the sum of value added by all resident producers, plus any product taxes (less subsidies) not included in the valuation of output, plus net receipts of primary income (compensation of employees and property income) from abroad.

The top 10 countries in the Caribbean are:

  1. Bahamas US$21,280 (GNI)
  2. Trinidad and Tobago US$14,400 (GNI)
  3. St. Kitts and Nevis US$13,330 (GNI)
  4. Antigua and Barbuda US$12,640 (GNI)
  5. Suriname US$8,480 (GNI)
  6. Grenada US$7,110 (GNI)
  7. St. Lucia US$6,530 (GNI)
  8. Dominica US$6,460 (GNI)
  9. St. Vincent and the Grenadines US$6,380 (GNI)
  10. Jamaica US$5,140 (GNI)

The World Development Report (WDR) 2014 focuses on the process of risk management, addressing these questions: why is risk management important for development, how should it be conducted, what obstacles prevent people and societies from conducting it effectively, and how can these obstacles be overcome.

The WDR 2014’s value added resides in its emphasis on managing risks in a proactive, systematic, and integrated way. According to the overview of the report, across the continents many countries have embarked on a path of international integration, economic reform, technological modernization, and democratic participation.

“Although challenges and inequalities remain, economies that had been stagnant for decades are growing, people whose families had suffered deprivation for generations are escaping poverty, and hundreds of millions are enjoying the benefits of improved living standards and scientific and cultural sharing across nations,” said the report which explained that as the world changes, a host of opportunities arise constantly.

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