COUNTRY FOCUS : CARIBBEAN
A recent report by the Inter-American Development Bank , ( IDB ), has shed light on what it described as a critical issue faced by Caribbean businesses – the need to improve productivity and embrace technology to drive growth and competitiveness .
The report titled Fostering Innovation and Productivity in the Caribbean underscored the urgency for businesses in the region to take proactive measures to enhance productivity and harness the potential of Digital Transformation .
The data center market in the Caribbean is predicted to grow at a CAGR of 11.37 % between 2022 and 2027 .
Though recognized as brimming with potential , Caribbean businesses have been grappling with lower productivity levels compared to their global counterparts .
This productivity gap not only limits their ability to compete effectively in regional and international markets but also hampers overall economic progress .
To address this challenge , it is acknowledged as imperative for businesses in the Caribbean to adopt innovative practices and leverage digital technology to drive efficiency and unlock new opportunities .
The IDB report emphasizes the importance of digital infrastructure development and the acquisition of digital skills . Enhancing access to high-speed Internet , expanding broadband coverage and investing in digital education and training programs are crucial steps for businesses to harness the benefits of digital technology fully .
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