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There are subtle global events that have the potential to negatively impact the economies of the Caribbean Region. And Finance Minister Winston Jordan asserts that in the challenging international economic environment, the outlookFinance Minister, Winston Jordanfor CARICOM is mixed.Jordan said recently that the major forces that will drive the performance of the region include commodity price trends, a stronger US economy and related exchange and interest rate dynamics.The Finance Minister said that given the state of the world economy at this junction, “Commodity-based producers, including natural resources-based producers such as Guyana, Suriname and Trinidad and Tobago, are expected to face increased challenges as commodity prices soften while the services-based economies rebound based on improved tourism outturns and lower fuel costs.”He added, “The average rate of economic growth in the region improved from 1.9 per cent in 2013 to 2.1 per cent in 2014. This was driven mainly by better tourism outturns in all service-dependent economies where the average growth improved from 1.3 per cent to 1.8 percent in this period.”Jordan said that how? long these? service? dependent economies? will continue? to turn? positive? growth is? unsure,? given the recent attacks? and threats? by the correspondent banks? to? sever or curtail services? to the small? financial? institutions? in our region.He said that there is a need for researchers to now come up with a mechanism or recommendations that will allow the region to still enjoy continued access to the markets of the developed countries while ensuring that the banks will not be adversely affected.The Finance Minister said that correspondent banking is a business and not a service. The Caribbean Centre for Money and Finance (CCMF) is now given the challenge to see how best the region can continue to be productive business partners with foreign correspondents.He said that from? every? challenge? is some? opportunity,? and it? is? for the? CCMF to? find the opportunities? out? of the recent challenges to the survival of the financial services sector in the region.He said that the commodity-producing economies on the other hand recorded weaker growth of 2.5 percent in 2014,Wholesale Nike NFL Jerseys, down from the 3.2 percent achieved in 2013, partly because of the drastic drop in commodity prices in the latter part of 2014.“We in Guyana have not been spared the backwash of weakening global economic performance. For the first time in recent memory, the six pillars that have been the foundation of the economy’s upbringing, namely sugar, rice,Wholesale China Jerseys, bauxite, gold, diamonds and timber have all suffered major setbacks. Even a seventh pillar, remittances, which account for upwards of 25 percent of GDP, have also recorded decline,” the Minister said.“Remittances are critically important for poverty reduction across the region and every effort must be made to ensure that the region continues to have access to that flow. The central? bank governors? met recently, and I hope they paid some attention to the? impact? of? US? legislation? on remittance companies and? devise ways and means to ensure continued? access, supported? by? stringent regional? regulation and? supervision.”The Finance Minister said that one of the most intractable problems at the moment lies in the weakness of external accounts. He said that the region’s average performance in this area deteriorated, with the average deficit on the current account increasing from 8.6 percent of Gross Domestic Product (GDP) to 9.2 percent of GDP between 2013 and 2014.“In fact, only Trinidad and Tobago recorded a surplus of 4.8 percent of GDP in 2014, but even in her case, the performance had deteriorated from a surplus of seven percent of GDP in 2013.“In all other countries, deficits were recorded in 2014 but the tourism-based economies of Jamaica,Wholesale NFL Jerseys, Barbados and the Eastern Caribbean Currency Union (ECCU) were able to reduce their deficits relative to 2013.”Jordan said that the obvious solution to this mostly deteriorated performance is persistent and sustained growth of the region’s economies while steadily reducing or managing macroeconomic and financial vulnerabilities.He noted that the International Monetary Fund (IMF) estimates that the region will grow by approximately 2.2 percent in 2015, improving to 2.4 percent in 2016. This marginal improvement, the Finance Minister said, is unlikely to be reflected in commodity producing countries, the outlook of which is for generally slower growth relative to service-based economies.Nevertheless, he said that low commodity prices and an improving US economy implies better growth prospects for most CARICOM countries. He said,<a href="http://www.wholesalejerseyscheapauthentic.us.c