• Latest
Grenada honey one step closer to being legally sold on Trinidad market

Grenada wants new system of classification for small economies

8 months ago
Joint approach to fighting gender-based violence

Joint approach to fighting gender-based violence

6 hours ago
CHORES Returns to Grenada in October

CHORES Group returns to Grenada

6 hours ago
International Day for Biological Diversity 22 May

International Day for Biological Diversity 22 May

1 day ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 20 May 2022

1 day ago
Cambridge GCE Registration Period

Commonwealth of Learning Skills for Work Programme

3 days ago
St Mark Women in Action graduate from UNDP WOW Programme

St Mark Women in Action graduate from UNDP WOW Programme

3 days ago
Calypso Workshop for Students

Division of culture completes 3-day calypso arts workshop for schools

3 days ago
China donates to RGPF to help protect officers from Covid-19

China donates to RGPF to help protect officers from Covid-19

3 days ago
World Metrology Day 20 May

World Metrology Day 20 May

3 days ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 19 May 2022

3 days ago
Digital Tourism Opportunities

PM launches Grenada’s National Cyber Security Incident Response Team

4 days ago
Kingdom of Morocco Scholarship announcement

Kingdom of Morocco Scholarship announcement

4 days ago
NOW Grenada

Main Header Ad 468x60

  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

Grenada wants new system of classification for small economies

This story was posted 8 months ago
27 September 2021
in Business
3 min. read
Oliver Joseph
Share

by Linda Straker

  • Foreign Affairs Minister addressed UN General Assembly on Monday, 27 September
  • Economic data does not always present reality of Caribbean States
  • Grenada classified as upper-middle-income country

Grenada is recommending that the World Bank adopt new a system of classification of small islands such as Caricom economies. The format currently used has resulted in the marginalisation of development to the region.

“Mr President, it is imperative that we continue to stress and address the reclassification of our status by the Organisation for Economic Cooperation and Development (OECD) Development Assistant Committee (DAC), which has resulted in the marginalisation of the quantum of development assistance to the region,” said Oliver Joseph, Foreign Affairs Minister when he addressed the United Nations General Assembly on Monday, 27 September 2021.

Describing the current system as one that is clearly problematic, Joseph, who was making his debut address to the august body since he became Foreign Affairs Minister in October 2020, said that economic data does not always present the reality of Caribbean States. “We again urge advocacy and support from organisations, including those under the umbrella of the United Nations, in the dismantling of these unfair rulings. We reiterate that economic data such as Gross Domestic Product per capita does not reflect the true nature of the vulnerability of Caribbean States.”

Joseph suggested that the new format be adopted in 2022. “We, therefore, repeat our call for the creation of a Multidimensional Vulnerability Index that adequately addresses those vulnerabilities. We strongly urge that they be completed no later than the end of 2022,” he said.

In February 2021, the United Nations Development Programme (UNDP) published a paper entitled: “Towards a Multidimensional Vulnerability Index” which says that Small Islands Developing States face severe structural challenges due to their remoteness, economic Concentration, and dependence on external flows such as remittances, foreign direct investment, and tourism revenue.

“This paper constructs a Multidimensional Vulnerability Index (MVI) to account for both long-term structural vulnerabilities as well as the recent weaknesses uncovered by the pandemic,” said the executive summary which explained that using 11 indicators for 128 countries (including 34 SIDS), the MVI demonstrates that all but five SIDS are far more vulnerable than their income level would suggest.

“Using the MVI, non-LDC SIDS could save close to 1.5% of their GDP per annum in interest payments. It contributes to the debate on vulnerability measurement by contrasting a narrow focus on economic or environmental vulnerability with a multi-dimensional approach to assessing countries’ structural vulnerabilities to a variety of shocks. This analysis implies the urgent need to reconsider eligibility for concessional financing to SIDS on vulnerability rather than just income criteria,” said the paper.

“The Covid-19 pandemic has greatly exacerbated these vulnerabilities by restricting travel, collapsing investment and tourism, and weakening the economies from which remittances are sent. However, most SIDS are still not eligible for concessional financing due to their classification as middle or high-income countries,” the paper said.

Under the classification, the world’s Middle-Income Countries, which are defined as having a per capita gross national income of US$1,026 to $12,475. Grenada and most other Caricom member states are classified as upper-middle-income countries.

Loader Loading...
EAD Logo Taking too long?

Reload Reload document
| Open Open in new tab

Download [350.42 KB]

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: caricomlinda strakermultidimensional vulnerability indexoliver josephunited nations development programmeworld bank
Next Post
PM solicits assistance from friendly countries

PM solicits assistance from friendly countries

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.