New IDB report highlights innovation's role in Caribbean economic growth

The Inter-American Development Bank says while most Caribbean businesses are either innovative or potentially innovative, they still face challenges.

A new IDB report, which delves into the critical role of innovation in driving economic growth and productivity in the Caribbean region, noted that innovative businesses in the Caribbean have 26 to 35 per cent higher levels of productivity and 21 to 81 per cent higher sales per worker than non-innovative firms, depending on the type of innovation.

The report titled Innovation for Faster Economic Growth in the Caribbean is part of the IDB's Caribbean Economics Quarterly publication series, which focuses on the economic performance of The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad & Tobago.