Miami Conference to address the Impact of the Financial Crisis

Washington, D.C.–Caribbean Central American Action (CCAA) announced today that the implications of the financial crisis in the United States for the countries of the Caribbean Basin will be an underlying theme at this year’s Miami Conference on the Caribbean and Central America, taking place at the InterContinental Hotel in Miami, Florida, from December 1-3, 2008.

“The region faces one of its toughest challenges in recent times;” said CCAA Executive Director, Anton Edmunds, “the interconnectivity of the global financial system, the possible depreciation of the US dollar and the increased pressure on the international credit markets will affect regional economic development.  Notably foreign investors looking at the regional marketplace will likely suspend investment plans.”

The ripple effect in the region from the squeeze on credit in the U.S. and the rumblings in some European economies is expected to be felt through certain key sectors; however, the intensity of the impact is still unknown.  Tourism, agriculture, and manufacturing in Central America and the Caribbean are all closely linked to the U.S. market; any reduction in imports and exports will affect the shipping industry; and the financial services sector is watching as banks collapse and the stock markets fluctuate and it is bracing itself.  Finally, as jobs are lost and people have less disposable income there are less remittances returning to the region which, tied to the rising fuel and commodity prices,  could potentially undermine socio-political advances in the more fragile states as food and energy security take center-stage.

The 32nd Annual Miami Conference will address these issues, with panels examining the impact, challenges, and opportunities for the economies of the Caribbean and Central America.  A specific panel on Financial Services will look at how increasing regulation challenges local banks’ ability to compete, as well as at the status of capital market integration, bank consolidation, and portfolio investments, and how these can be seen through the prism of the current economic turmoil.

The Annual Miami Conference continues to be the only forum that focuses solely on the economies of the Caribbean and Central America.  The conference brings leaders from the public sector, the business community and civil society together in a constructive dialogue to address issues affecting the region and its economic prospects. It combines major addresses by political leaders with workshops on industry and public policy issues.  Roundtables give participants the opportunity to participate in a series of interactive discussions with subject-matter experts from the United States, Europe, Asia, the Caribbean, and Central America on issues vital to the agribusiness, energy, telecommunications, transportation and logistics andtourism industry sectors.

CCAA is a non-governmental organization that promotes private sector-led economic development in the Caribbean Basin. More information on the organization and the Annual Miami Conference can be found by visiting CCAA's website at www.c-caa.org.

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