tag:blogger.com,1999:blog-32671475575480607352024-02-19T04:28:28.183-05:00PHC-ManagementPHC Group Blog posts on Society, Technology, Economy and Politics of the Caribbean, particularly as they relate to business sub-sectors.PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.comBlogger18125tag:blogger.com,1999:blog-3267147557548060735.post-47398417238379658022019-05-31T14:04:00.003-05:002020-01-16T15:10:21.077-05:00Devaluation is no strategy for growth<div dir="ltr" style="text-align: left;" trbidi="on">
<h3>
The Editor, sir</h3>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "calibri";">I have been following the ongoing debate about devaluing the Jamaican dollar.</span><span style="font-family: "calibri";"> </span><span style="font-family: "calibri";">Kudos
to the Caribbean Policy Research Institute (CaPRI) on hosting the forum
“Jamaica $100 to US $1: A Cause for Panic or an Opportunity for
Growth?”.</span><span style="font-family: "calibri";"> </span><span style="font-family: "calibri";">But, I cannot believe that devaluation is still being advocated as a strategy for growth.</span></div>
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<span style="font-family: "calibri";"> In
the article titled “Devaluation Solution Persists Despite Contrary
Evidence” in the Financial Gleaner of 1 March 2013, Wilberne Persaud
rightly stated that: “… devaluation of the Jamaican dollar does not
really deliver increased exports and decreased imports. It did little over the years to correct incipient and chronic deficits in our balance of payments”.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt; text-indent: 0.5in;">
<span style="font-family: "calibri"; font-size: small;">For
those still not convinced, Dr. Michael Witter had assessed our exchange
rate policy since 1962, and presented his findings in a paper titled
“Exchange Rate Policy in Jamaica: A Critical Assessment”. His
conclusion was that devaluation is insensitive to the effects of
speculation by those lacking confidence in Jamaica’s productive sectors;
and it does not recognize the inelastic demand for imports both for
production and consumption.</span></div>
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<span style="font-family: "calibri";"> I am not advocating the fixing of the exchange rate. Rather,
I simply support the views of those quoted that devaluation is not a
strategy for growth, or policy to correct balance of payment deficits. It has been proven to be otherwise. We need to address our lack of competitiveness by some other means.</span></div>
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<span style="font-family: "calibri"; font-size: small;">I am, etc.</span></div>
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<br /></div>
<span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><span style="font-family: "times new roman"; font-size: small;"> </span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "calibri"; font-size: small;">Paul Hay</span><br />
<span style="font-family: "calibri"; font-size: small;"><br /></span>
<span style="font-family: "calibri"; font-size: small;"><i style="font-family: "Times New Roman";"><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phceojm">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="https://www.ph-ae.co/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-30213931528451944402019-04-23T11:32:00.000-05:002019-04-23T11:33:38.552-05:00Doing Business 2018 - Jamaica Preparations<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">By October 2016, the World Bank
and International Financial Corporation will publish their 14th report on the
Ease of Doing Business Index. The present Government will have little
opportunity to influence the outcome of that report because the period that
will be under review ends next month.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">Nevertheless, it is important
that the thrust to improve Jamaica's performance does not wane. Referring to
Doing Business 2016: Measuring Regulatory Quality and Efficiency, in 'Jamaica
Takes the Leap in Doing Business Indicators: 5 Lessons for the Wider
Caribbean', Navita Anganu-Ramroop lamented that:<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">"Not all countries are
bothered by rankings, and therefore not all countries make a concerted effort
to change and attempt to improve same, failing to realise that the
competitiveness of nations are equally important and necessary for the
competitiveness of firms operating within the country."<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">Doing Business 2016 also states
that Latin America and the Caribbean (LAC) is one of the regions "with the
smallest share of economies implementing regulatory reforms. ..." In fact,
Jamaica and The Bahamas were the only Caribbean nations that actually improved
their global ranking in that report.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">The Bahamas moved from 108th to
106th, while Jamaica moved from 71st to 64th out of 189 global economies. With
the widening of the Panama Canal and construction of a second canal in
Nicaragua, a significant increase in trade and investment can be expected in
the Caribbean Basin. So, improving competitiveness of local firms is imperative
and this through greater effort than before.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">It is also important to realise
that 11 out of the 12 highest-ranked nations within LAC are located in the
Caribbean Basin. Jamaica cannot afford to slack up on its previous effort. It
should be of no comfort that greater trade is expected in the greater Caribbean
if we are ill-prepared to benefit from it.<o:p></o:p></span></div>
<br /></div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-69374728602461518052019-04-23T11:18:00.002-05:002019-04-23T11:32:29.570-05:00Doing Business 2020 - Jamaica Preparations (2 of 2)<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">In May 2019, the World Bank and
International Financial Corporation will commence collection of data that will
be evaluated for publication in their 17th report on the Ease of Doing Business
Index: Doing Business 2020. In the current one, Jamaica ranks 75<sup>th</sup>, out
of the 190 countries, which is below its rank four years ago.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">One would expect the Government
to be bothered by this and make a concerted effort to improve the outcome. Instead,
Jamaica seems destined to its fourth consecutive fall in rank, because
sufficient changes have not been made to laws and regulations that govern the
operation of Small, and Medium-size Enterprises (SMEs).<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">Quoting from “Doing Business
2019”, “It is important to have effective rules in place that are easy to
follow and understand. To realize economic gains, reduce corruption, and
encourage SMEs to flourish, unnecessary red tape should be eliminated”.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">In a letter titled “What’s being
Done About ‘Doing Business’?” published in the Jamaica Observer on 4th December 2019, I recommended
that our Government aim to be the first Latin American and Caribbean nation in
the top 50 economies by consistently implementing no less than four reforms
annually. Some may argue that time would not permit, but I disagree.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">Doing Business overall-ranks are
aggregated on assessment of 10 areas in the life of a business. In Jamaica’s
case, the five worse-ranked areas are: (i) Trading Across Borders, (ii) Registering
property, (iii) Enforcing Contracts, (iv) Paying Taxes, and (v) Getting
Electricity. All have ranks worse than 110 and have been so for at least five
years.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">In fact, all are getting worse
resulting in our lower ranks. These are the areas most in need of reform,
especially by a country with aspirations of being amongst the top ten economies
of the world. Based on the Budget Debate so far, changes are proposed for especially
“Paying Taxes”, but these are too late for inclusion in the next evaluation
cycle.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 9.0pt;">Hopefully Doing Business 2021
will show a greater effort made. I leave you with another quote from the
current report: “Any rational government that cares about the economic
well-being and advancement of its constituency pays special attention to laws
and regulations affecting small and medium-size enterprises.”</span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-8464149041620841672019-04-23T11:18:00.000-05:002019-04-23T11:18:02.100-05:00Doing Business 2020 - Jamaica Preparations (1 of 2)<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">By October 2019, the World Bank
and International Financial Corporation will publish their 17th report on the
Ease of Doing Business Index. Our Government has until May 2019 to attempt to influence
the outcome of that report because only data available at that time will be
considered for the report.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">Referring to the report <i style="mso-bidi-font-style: normal;">Doing Business 2016: Measuring Regulatory
Quality and Efficiency</i>, Navita Anganu-Ramroop lamented, in 'Jamaica Takes
the Leap in Doing Business Indicators: 5 Lessons for the Wider Caribbean',
that:<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">"Not all countries are
bothered by rankings, and therefore not all countries make a concerted effort
to change and attempt to improve same, failing to realize that the competitiveness
of nations are equally important and necessary for the competitiveness of firms
operating within the country."<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<i style="mso-bidi-font-style: normal;"><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">Doing
Business 2016</span></i><span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;"> also stated that Latin America and the Caribbean (LAC) is one
of the regions "with the smallest share of economies implementing
regulatory reforms. ...". In fact, Jamaica and The Bahamas were the only
Caribbean nations that actually improved their global ranking in that report.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">Fast forward to <i style="mso-bidi-font-style: normal;">Doing Business 2019: Training for Reform,</i>
“South Asia and LAC are the (only) two regions absent from the top 50 ranking”.
Again, LAC has the “lowest share of reformers with 56% of economies”.
Consequently, LAC had the “lowest average increase” in score, +0.22 points”.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">For <i style="mso-bidi-font-style: normal;">Doing Business 2016,</i> Jamaica had made 4 reforms and moved from 71st
to 64th out of 189 global economies. Since then, Jamaica has consistently
fallen in rank to its current 75, having implemented only one reform over the year
ending May 2018: a reduction from the 2 reforms that were implemented in the
previous year.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">In <i style="mso-bidi-font-style: normal;">Doing Business 2019,</i> Brazil is the only LAC economy to improve its
ranking. Like Jamaica, it implemented 4 reforms, by which it was able to
improve its rank from 125 to 109. In the previous year, El Salvador, Dominican
Republic and The Bahamas improved their rankings after implementing at least 3
reforms.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">Again, El Salvador had
implemented 4 reforms and was the top performer: improving its rank from 95 to
73. But, El Salvador, Dominican Republic and The Bahamas have subsequently
fallen in rank after implemented less than 3 reforms, just like Jamaica.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">Jamaica’s National
Competitiveness Council is optimistic the island can be ranked in the top 10
economies in the <i style="mso-bidi-font-style: normal;">Doing Business 2021.</i>
This seems overly optimistic considering no LAC economy is currently within the
top 50, Jamaica has consistently fallen in rank over the past 3 years, and only
two years remain to the deadline.<o:p></o:p></span></div>
<div style="line-height: 14.95pt; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 14.95pt; vertical-align: baseline;">
<span style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt;">More realistically, it is
proposed that Jamaica aim to become a top 50 ranked economy by 2020, and our
Government strive to implement at least 4 reforms annually. It is also
important to realize that 11 of the 15 highest-ranked LAC nations are within
the Caribbean Basin. So, Jamaica cannot afford to be slack in its effort to become
competitive.</span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-27008529346892548012018-11-30T14:36:00.002-05:002018-12-06T14:23:20.705-05:00Doing Business in the Caribbean 2019 - Political Will Lacking<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "times new roman" , serif; font-size: 10pt;">Doing Business 2019: Training for Reform</span></u></b><span style="font-family: "times new roman" , serif; font-size: 10pt;"> is the 16<sup>th</sup> in the
long-standing series of co-publications by the World Bank and International
Financial Corporation (IFC). This annual report on the ease in doing business
series involves analysis of data for 190 nations, from June 2017 to May 2018.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">For the last 5 years, I
have reviewed these reports and, like previous articles, I will commence by
examining the global ranking of Caribbean states in <i>Doing Business 2019</i>. With the exception of Puerto Rico, all the
states examined are members of the Association of Caribbean States (ACS).</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Data is presented in two
tables below. Last year’s data is included for your convenience. Differences between
the years may simply result from changes in the methodology used to prepare the
current report, not necessarily a tangible change of performance. Data on
scores and number of regulatory reforms implemented have been added.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="font-family: "times new roman" , serif; font-size: 10pt;">Table 1: Global </span></b><b><span style="font-family: "times new roman" , serif; font-size: 10pt;">Ratings
of Caribbean Islands</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0in 0in 0in 0in; mso-table-anchor-horizontal: column; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 9.0pt; mso-table-overlap: never; mso-table-rspace: 9.0pt; mso-table-top: .05pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">RANKING<o:p></o:p></span></b></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 67.0pt;" valign="top" width="89"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">SCORE<o:p></o:p></span></b></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 63.0pt;" valign="top" width="84"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">#REFORMS<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Report Year:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2018<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2019</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2018<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2019<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2018<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2019<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">ACS Caribbean
Island States:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">113</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">115</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.10<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.47<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.92<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.61<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Caribbean SIDS:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">109</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">111<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">65.61<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">60.04<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.82<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.55<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 11.6pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Puerto Rico (US)</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.6pt; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 10.0pt;">64<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.6pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">64</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.6pt; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: 24.0pt; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">69.26<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.6pt; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: 17.25pt 25.5pt; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">69.46<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.6pt; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: 21.0pt; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.6pt; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: 13.5pt; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Independent
Caribbean SIDS:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">112</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">115</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.73<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">59.10<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1.25<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.75<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Jamaica</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 10.0pt;">70<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">75</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">66.92<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">67.47<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Trinidad</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 10.0pt;">102<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">105</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">60.93<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">60.81<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Bahamas, The</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">119</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">118</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: 12.75pt; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.13<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.90<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; tab-stops: 18.75pt; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Barbados</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">132</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">129</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">56.78<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">56.78<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">OECS:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">117</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">121</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">57.78<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">57.83<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.50<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.33<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">St. Lucia</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">91</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">93</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">62.96<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">63.02<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Dominica</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">98</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">103</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">61.03<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">61.07<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Antigua & Barbuda</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">107</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">112</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">59.42<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">59.48<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">St. Vincent & the Grenadines</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">129</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">130</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">56.34<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">56.35<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">St. Kitts & Nevis</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">134</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">140</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">54.35<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">54.36<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Grenada</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">142</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">147</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">52.64<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">52.71<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Large Caribbean
Island States:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">140</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">142</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">49.59<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">49.82<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1.50<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Dominican Republic</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 10.0pt;">99<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">102</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">60.57<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">61.12<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Haiti</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">181</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">182</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 35.5pt;" valign="top" width="47"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">38.48<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">38.52<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 31.5pt;" valign="top" width="42"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Table 1 shows
information on 13 Caribbean Islands, divided into two groups: 11 Small Island </span><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Developing States</span><span style="font-family: "times new roman" , serif; font-size: 10pt;"> (SIDS) and 2 large
island-states: namely the Dominican Republic and Haiti (ie. Santo Domingo). <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">The SIDS group is
sub-divided into three. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Puerto Rico, being the
only SIDS that is not politically independent, is a group unto itself. The 6
smallest islands are members of the Organization of Eastern Caribbean States
(OECS); and, the remaining 4 islands comprise the Independent SIDS group.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Table 2 shows
information on 12 ACS Latin American (LatAm) states. Like the previous grouping
of ACS Caribbean Islands, these LatAm states are divided into two groups –
Central American and South American States: the former comprising 8 states and
the latter 4.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">It should also be noted
that Table 2 includes three CARIFORUM member-states: Belize, in the Central
American group, as well as Guyana and Suriname in the South American group.
With the exception of Puerto Rico, all ACS Caribbean islands in table 1 are members
of CARIFORUM.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<u><span style="font-family: "times new roman" , serif; font-size: 10pt;">Doing Business 2019 Fact
Sheet: Latin America and the Caribbean</span></u><span style="font-family: "times new roman" , serif; font-size: 10pt;"> lists 32 LAC states: 33 inclusive of Chile, which is an OECD
state. The regional average score is 58.25 which has a rank of 121. With the
exception of Puerto Rico, 24 of these are ACS member states: the remaining 8 being
in non-ACS South American states.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">11 of the top 15 LAC economies
are ACS member states: the lowest rank being 105. This is equivalent to <i>Doing Business 2018</i> but the lowest rank was then 102. This is
mostly due to the superior rankings of the 5 ACS Central American economies, but
also 5 ACS Caribbean Islands and Colombia, as the sole ACS South American
economy. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="font-family: "times new roman" , serif; font-size: 10pt;">Table 2: Global </span></b><b><span style="font-family: "times new roman" , serif; font-size: 10pt;">Ratings
of ACS Latin American States</span></b><b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></b></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0in 0in 0in 0in; mso-table-anchor-horizontal: column; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 69.3pt;" valign="top" width="92"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">RANKING<o:p></o:p></span></b></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 69.6pt;" valign="top" width="93"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">SCORE<o:p></o:p></span></b></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 69.6pt;" valign="top" width="93"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">#REFORMS<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Report Year:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2018</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2019</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2018<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2019<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2018<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2019<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">ACS Latin American States:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">105</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">109</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">60.39<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">60.34<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1.08<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.42<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">ACS Central American States:</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">86</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">91</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">64.02<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">64.08<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1.25<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.62<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Mexico</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">49</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">54</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">72.27<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">72.09<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Costa Rica</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">61</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">67</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">69.36<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">68.89<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">El Salvador</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 10.0pt;">73<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">85</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">65.20<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">65.41<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Panama</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">79</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">79</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">65.71<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">66.12<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Guatemala</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 10.0pt;">97<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">98</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">61.16<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">62.17<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Honduras</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">115</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">121</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.13<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">58.22<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Belize</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">121</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">125</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">57.11<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">57.13<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Nicaragua</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">131</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">132</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">55.27<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">55.64<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"></td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">ACS South American States</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">132</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">135</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">55.31<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">55.11<o:p></o:p></span></b></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0.75<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Colombia</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">59</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">65</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">69.04<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">69.24<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Guyana</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">126</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">134</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">56.78<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">55.57<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Suriname</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">165</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">165</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">48.10<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">48.05<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">Venezuela</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">188</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">188</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">30.85<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">30.61<o:p></o:p></span></div>
</td>
<td style="background: #E7E6E6; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-background-themecolor: background2; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 0in 0in 0in; width: 34.8pt;" valign="top" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<span style="font-family: "" serif "" , serif; font-size: 10.0pt;">0<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">These top 15 performers,
from highest to lowest, are: Mexico [54], Chile [56], Puerto Rico [64], Colombia
[65], Costa Rica [67], Peru [68], Jamaica [75], Panama [79], El Salvador [85],
St. Lucia [93], Uruguay [95], Guatemala [98], Dominican Republic [102], Dominica
[103], Trinidad and Tobago [105]. Only Chile, Puerto Rico, Peru, and Uruguay
are not ACS members.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">As before, Colombia is
the sole ACS South American economy, in its group of 4; Mexico, Costa Rica,
Panama, El Salvador, and Guatemala the 5 ACS Central American economies, in its
group of 8.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">The Dominican Republic
is the only large ACS Caribbean-Island economy, in its group of 2. Jamaica,
Trinidad and Tobago are the 2 larger ACS SIDS, in their group of 4. Puerto Rico
is the remaining larger SIDS economy. St. Lucia and Dominica are the 2 ACS OECS
economies, in their group of 6.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">The superior ranking of
the ACS LatAm economies is specifically due to performance of Mexico, Colombia
and Costa Rica. Mexico is the best Central American performer and Colombia the
best ACS South American economy: the former being more highly ranked than the
latter.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Belize and Nicaragua are
the only ACS Central American economies below the LAC average: Belize being a
CARIFORUM member. Conversely, Colombia is the only ACS South-American economy above
average; and beside islands mentioned in top 15 LAC economies, only Antigua and
Barbuda, and Barbados are above-average. </span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Regrettably, ACS also
comprises 9 of the 10 lowest ranked economies in LAC. In ascending order from
the lowest, these are: Venezuela, Haiti, Suriname, Bolivia, Grenada, St. Kitts
and Nevis, Guyana, Nicaragua, St. Vincent and the Grenadines, and Barbados: 7
are CARIFORUM members, and Bolivia is the sole non-ACS member.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Also, the ACS LatAm
group has the greatest discrepancy between ranks: Colombia being highest at 65
and Venezuela the lowest at 188. The remaining 2 – Guyana and Suriname – being
CARIFORUM members – are also in the bottom 10 along with Venezuela.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">ACS not only has the
most capable economies to effect reform, but it also has the most deserving economies.
Therefore, it seems the body most suitable to facilitate this reform in the
shortest order. But, indifference to reform continues to further deteriorate
performance. Political will is simply lacking in this regard.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">According to <i>Doing
Business 2018</i>, “Latin America and the Caribbean and the OECD high-income
group had the smallest shares of economies implementing business regulation
reforms”. But as stated in my previous article, states of the Organization of
Economic Co-operation and Development (OECD) are already highly ranked.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">This behavior has not
changed. According to <i>Doing Business
2019: </i>LAC has the<i> </i>“lowest share
of reformers with 56% of economies” (58% including Chile). Only 19 of the 33
LAC economies implemented at least one regulatory reform to make it easier to
do business, which amounted to 27 reforms in total.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Consequently, LAC had
the “lowest average increase” in score: which amounted to +0.22 points; and is
one of only “two regions absent from the top 50 ranking”. It may be recalled
that Mexico, which is an ACS member, was the sole economy in the top 50 ranking
in <i>Doing Business 2018</i>. However, it had
made no reforms subsequently.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">It may be argued that
Mexico could have been negatively impacted by natural disasters during the
period. But, Puerto Rico was impacted even worst yet managed to make a single
reform. Its score increased more than the LAC average, and its ranking remained
intact.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">LAC has no reason to persist
with such behaviour and this is no less true for ACS economies, even though
they are typically ranked higher. El Salvador, which was a stand-out in <i>Doing Business 2018</i> and an example of
what could be achieved where the political will exists, reduced its reforms
from 4 to 2 this period and fell 12 places in rank.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">Beside El Salvador,
Bahamas is the only other ACS economy to have implemented 2 reforms. Only 10 of
the 25 ACS economies made at least one reform. In all such cases, their scores
marginally increased but, excluding Puerto Rico, all ACS economies fell in
rank.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">In the LAC, Brazil made
4 reforms – the only LAC economy to make more than 2 changes – and its rank improved
16 places, from 125 (in <i>Doing Business
2018)</i> to 109. In <i>Doing Business 2018,
</i>El Salvador, Dominican Republic and The Bahamas made at least 3 reforms and
all increased in rank (see <i>Doing Business
in the Caribbean 2018).<o:p></o:p></i></span></div>
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">At that time El Salvador
had implemented 4 reforms and was considered among “the 10 economies showing
the most notable improvement in performance…”, while ranks of practically all other
ACS economies fell. It is time all ACS governments get serious about regulatory
reform and consistently implement them every year.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;"><br />
<br />
</span><b><i><u><span style="color: blue; font-family: "times new roman" , serif; font-size: 13.5pt;"><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></span></u></i></b><i><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"> is </span></i><i><span style="background: white; color: #404040; font-family: "times new roman" , serif; font-size: 10.0pt;">a Jamaican national, founder
of </span></i><i><u><span style="background: white; color: blue; font-family: "times new roman" , serif; font-size: 10.0pt;"><a href="http://www.phcjam.com/">PHC Projects</a></span></u></i><i><span style="background: white; color: #404040; font-family: "times new roman" , serif; font-size: 10.0pt;">: a managed service provider
and consultancy, based in Kingston Jamaica, with a vision of providing
strategic planning and implementation services to organizations for the
construction/renovation of non-residential facilities in the English-speaking Caribbean.</span></i><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
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<br /></div>
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<b><span style="font-family: "verdana" , sans-serif; font-size: 9pt;">Related articles:</span></b><span style="font-family: "verdana" , sans-serif; font-size: 9pt;"><o:p></o:p></span></div>
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<span class="MsoHyperlink"><span style="font-family: "verdana" , sans-serif; font-size: 9.0pt;"><a href="http://bit.ly/2BsasqZ">Doing Business in the Caribbean 2018: El SalvadorStands Out</a></span></span><span style="font-family: "verdana" , sans-serif; font-size: 9pt;"><o:p></o:p></span></div>
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<u><span style="color: blue; font-family: "verdana" , sans-serif; font-size: 9.0pt;"><a href="https://bit.ly/1UULId9">Doing Business in the Caribbean
2016: Central America shows the way</a></span></u><span style="font-family: "verdana" , sans-serif; font-size: 9pt;"><o:p></o:p></span></div>
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<u><span style="color: blue; font-family: "verdana" , sans-serif; font-size: 9.0pt;"><a href="http://bit.ly/1Gj1nRA">Greater Caribbean Business in 2015</a></span></u><span style="font-family: "verdana" , sans-serif; font-size: 9pt;"><o:p></o:p></span></div>
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PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-32221831446730146382018-01-25T13:16:00.002-05:002018-01-25T14:18:14.639-05:00Doing Business in the Caribbean 2018: El Salvador Stands Out<div dir="ltr" style="text-align: left;" trbidi="on">
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<u><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Doing Business 2018: Reforming to Create Jobs</span></u><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;"> is the 15<sup>th</sup> in the long-standing series of
co-publications by the World Bank and International Financial Corporation
(IFC). This annual report on the ease in doing business series now includes data
for 190 nations, from June 2016 to June 2017.<o:p></o:p></span></div>
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<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">For the last 4 years, I have reviewed these reports and, like previous
articles, I will commence by examining the global ranking of Caribbean states
in “Doing Business 2018”. With the exception of Puerto Rico, the states examined
are members of the Association of Caribbean States (ACS).<o:p></o:p></span></div>
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<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Data for these states is presented in the two tables below. Last year’s
data is included for your convenience, but it should be noted that differences
may simply indicate the change in the methodology used to prepare the current report,
not necessarily indicating a tangible improvement or deterioration of
performance.<o:p></o:p></span></div>
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<b><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Table 1: </span></b><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Ratings of Caribbean Islands<o:p></o:p></span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0in 0in 0in 0in; mso-table-anchor-horizontal: column; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 9.0pt; mso-table-overlap: never; mso-table-rspace: 9.0pt; mso-table-top: .05pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
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<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">ACS Caribbean Island States</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">2017</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">2018</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Caribbean Islands</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">111</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">113</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Caribbean SIDS</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">110</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">109<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Puerto Rico (US)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">55<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">64<o:p></o:p></span></div>
</td>
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<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Independent Caribbean SIDS</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">115</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">112</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Jamaica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">67<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">70<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Trinidad<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">96<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">102<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Bahamas, The<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">121<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">119<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Barbados<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">117<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">132<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">OECS</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">116</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">117</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">St. Lucia<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">87<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">91<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Dominica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">101<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">98<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Antigua & Barbuda<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">113<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">107<o:p></o:p></span></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">St. Vincent & the
Grenadines<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">125<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">129<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">St. Kitts & Nevis<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">134<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">134<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Grenada<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">138<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">142<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Large Caribbean Island States</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">142</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">140</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Dominican Republic<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">103<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">99<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Haiti<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">181<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">181<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Table 1 conveys information on 13 Caribbean Islands, divided into two groups:
11 Small Island Developing States (SIDS) and 2 large island-states: namely the
Dominican Republic and Haiti. The SIDS group is further sub-divided into three
groups.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Puerto Rico, being the only SIDS that is not politically independent, is
a group unto itself. The 6 smallest islands are members of the Organization of
Eastern Caribbean States (OECS); and, the remaining 4 states comprise the last
group.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Table 2 conveys information on 12 ACS Latin American (LatAm) states.
Like the Caribbean Islands, these LatAm states are divided into two groups –
Central, and South American States. The former comprises 8 states and the
latter 4 states.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">It should also be noted that this table includes three CARIFORUM member-states: Belize, in the Central American group, as well as Guyana and Suriname in the South American group. With the exception of Puerto Rico, all Caribbean islands in table 1 are CARIFORUM states.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;"><u style="font-family: "Times New Roman"; font-size: medium;"><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Doing Business Regional Profile 2018: Latin America and the Caribbean</span></u><span lang="EN-JM" style="font-size: 10pt;"> (LAC) lists 32 states. The regional average rank is 110. With the exception of Puerto Rico, 24 of these are ACS members. The remaining 17 states are all located in South America.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 115%;"><span style="font-size: 13.3333px;">But, 12 of the top 15 LAC performers are ACS member states: better than “Doing Business 2017”, “Doing Business 2016”, and “Doing Business 2015”. Again, this is mostly due to the superior rankings of the Central American sub-group, though this number does include 6 Caribbean Island ACS members. </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Table 2: </span></b><span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Ratings of ACS Latin American States<o:p></o:p></span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0in 0in 0in 0in; mso-table-anchor-horizontal: column; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 9.0pt; mso-table-overlap: never; mso-table-rspace: 9.0pt; mso-table-top: .05pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">ACS Latin American States</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">2017</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">2018</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Latin American States</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">102</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">105</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Central American States</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">85</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">86</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Mexico<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">47<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">49<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Costa Rica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">62<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">61<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">El Salvador<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">95<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">73<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Panama<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">70<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">79<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Guatemala<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">88<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">97<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Honduras<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">105<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">115<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Belize<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">112<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">121<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Nicaragua<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">127<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">131<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">South American States</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">127</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">132</span></b><span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Colombia<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">53<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">59<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Guyana<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">124<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">126<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Suriname<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">158<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">165<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">Venezuela<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">187<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 34.8pt;" valign="top" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: .05pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: right;">
<span lang="EN-JM" style="font-family: "times new roman" , "serif"; font-size: 10.0pt;">188<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;">The top 15 performers, from highest to lowest, are: Mexico, Peru, Colombia,
Costa Rica, Puerto Rico, Jamaica, El Salvador, Panama, St. Lucia, Uruguay,
Guatemala, Dominica, Dominican Republic, Trinidad and Tobago, Antigua and
Barbuda. Only Peru, Puerto Rico, and Uruguay are not ACS members.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">6 LatAm ACS member-states are in the top 15: Colombia being the sole
South American member, of its group of 4. Mexico, Costa Rica, Panama, Guatemala
and El Salvador comprise the remaining 5, of the 8 member Central American
group.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">The Dominican Republic is the only large Caribbean-Island state present.
Jamaica, Trinidad and Tobago are 2 of the 4 larger ACS SIDS that are top
performers. Puerto Rico is the other larger SIDS. St. Lucia, Dominica, Antigua
and Barbuda are 3 of the 6 OECS members that are top performers.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">The superior ranking of the LatAm sub-group is specifically due to
performance of Mexico, Colombia and Costa Rica: Mexico with rank of 49 being
best performer in the Central America group and Colombia, ranked 59, best of
the South America group. The former being ranked higher than the latter.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Honduras, Belize, and Nicaragua were the only 3 states of the Central
American group below the LAC regional average: Belize being a CARIFORUM member.
Conversely, Puerto Rico, Jamaica, and Trinidad were the only 3 islands with
ranks above the LAC average.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Regrettably, ACS also comprises 9 of the 10 lowest ranked economies in
LAC. In ascending order from the lowest, these are: Venezuela, Haiti, Suriname,
Bolivia, Grenada, Saint Kitts and Nevis, Barbados, Nicaragua, Saint Vincent and
the Grenadines, and Guyana: Bolivia being the sole non-ACS member.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Also, the LatAm group is the group with the greatest discrepancy of
ranks within ACS states: Colombia being highest at 59 and Venezuela the lowest
at 188. The remaining 2 – Guyana and Suriname – being CARIFORUM members – are also
in the bottom 10 along with Venezuela.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">Therefore, ACS not only has the most capable states to effect reform,
but it also has the most deserving of states. Therefore, it seems to be the
body most suitable to facilitate this reform in the shortest order. But, indifference
to reform continues to further deteriorate performance.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">According to <i>Doing Business 2018</i>,
“Latin America and the Caribbean and the OECD high-income group had the
smallest shares of economies implementing business regulation reforms”. But,
states of the Organization of Economic Co-operation and Development (OECD) are
already highly ranked.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">LAC does not have reason to emulate such behaviour and this is no less
true for Caribbean states, even though they are typically higher ranked. In
this regard, El Salvador stands as a glaring example of what can be achieved where
the political will exists to implement business regulation reform.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">According to <i>Doing Business 2018</i>,
El Salvador is among “the 10 economies showing the most notable improvement in
performance on the Doing Business indicators…”. Where global ranks of practically all
Caribbean States fell, El Salvador’s rose from 95 to 73.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">In the Caribbean context, last year El Salvador had the 11<sup>th</sup>
highest rank among its peers in <i>Doing
Business 2017.</i> But this year, it has advanced 3 places to 7<sup>th</sup>
overall: overtaking Guatemala, Saint Lucia, and Panama in the process.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;">El Salvador shines brilliantly. Can the other ACS members, including
CARIFORUM members, follow suit? Can the region collaborate to bring about
well-needed reform and a better future? We can, and we must, but we need to be
proactive and stop procrastinating.<o:p></o:p></span><br />
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;"><br /></span>
<span lang="EN-JM" style="font-family: "times new roman" , serif; font-size: 10pt;"><br /></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;"><br /></span></i></span>
<br />
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<b>Related articles:</b><br />
<br />
<a href="http://bit.ly/2uKNBra">Doing Business in the Caribbean 2017: Central America Leads by Example</a><br />
<br />
<a href="https://bit.ly/1UULId9" target="_blank">Doing Business in the Caribbean 2016: Central America shows the way</a><br />
<br />
<a href="http://bit.ly/1Gj1nRA" style="font-family: verdana, sans-serif; font-size: small;">Greater Caribbean Business in 2015</a></div>
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><b></b></span><br />
<a href="http://bit.ly/1wV19N9" style="font-family: Calibri; font-size: medium;">Doing Business in the Caribbean 2015: Who Cares</a><span style="font-family: "calibri"; font-size: small;">?</span></div>
<br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"></span>
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1jytZFD" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform, part 2</a></span></span><br />
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><br /></span><a href="http://bit.ly/1gKbFHW" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform</a><br />
<br />
<a href="http://bit.ly/1kZxNpd" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif; font-size: 12px;"> </span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com1tag:blogger.com,1999:blog-3267147557548060735.post-31502554859571159232018-01-25T13:15:00.002-05:002018-01-25T14:06:59.460-05:00Doing Business in the Caribbean 2017: Central America Leads By Example<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<u><span lang="EN-JM">Doing
Business 2017: Equal Opportunity for All</span></u><span lang="EN-JM"> is the 14<sup>th</sup> in the long-standing series
of co-publications by the World Bank and International Financial Corporation (IFC).
This annual report on the ease in doing business, now in 190 nations, covers
the period from June 2015 to June 2016.</span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">For the
past 3 years, I have reviewed such reports and, with the exception of last
year, published two articles from each: first examining the global ranking of
Caribbean states, followed by an itemized breakdown of their performance. This
article reviews “Doing Business 2017”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Last year <u>Doing
Business 2016: Measuring Regulatory Quality and Efficiency</u> used a new
methodology for its analysis and also additional data not previously measured.
So, comparison with the previous year was difficult, to say the least, and
proved too much to allow writing a second article. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Like the
last, the current report has also made changes which make an itemized breakdown
difficult, if not impossible. So, this article will again be limited to the
review of global rankings of Caribbean States; and again, the states referred
to will be members of the Association of Caribbean States (ACS).<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The two tables
below present data for these states. Last year’s data is included as a
convenience, but it is stressed that differences may simply indicate the change
in the methodology used in preparing the report, which negatively impacted only
the ranking of the Caribbean Islands.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">ACS Caribbean Island States<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Population (Millions)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Income (US $)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2016<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2017<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Caribbean Islands<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">29.9<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">6,455<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">104<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">111<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Caribbean SIDS<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">8.9<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">13,687<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">98<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">110<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Puerto Rico (US)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">19,150<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">57<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">55<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Independent Caribbean SIDS<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">5.4<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">10,107<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">102<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">115<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Jamaica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">2.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">5,010<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">64<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">67<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Trinidad<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">1.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">18,600<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">88<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">96<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Bahamas, The<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">21,310<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">106<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">121<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Barbados<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">14,800<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">119<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">117<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">OECS<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">0.7<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">9,370<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">107<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">116<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">St. Lucia<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">7,390<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">77<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">87<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Dominica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6,760<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">91<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">101<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Antigua &
Barbuda<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">13,390<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">104<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">113<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">St. Vincent &
the Grenadines<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6,670<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">111<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">125<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">St. Kitts &
Nevis<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">15,560<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">124<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">134<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Grenada<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">8,430<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">135<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">138<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Large Caribbean Island States</span></b><span lang="EN-JM"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">21.2<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">3,450<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">137<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">142<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Dominican Republic<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">10.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6,130<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">93<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">103<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Haiti<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">10.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">820<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">182<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">181<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Table 1: </span></b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Ratings
of Caribbean Islands<b><o:p></o:p></b></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Table 1
conveys information on 13 Caribbean Islands, divided into two groups: 11 Small
Island Developing States (SIDS) and 2 large island-states: namely the Dominican
Republic and Haiti. The SIDS group is further sub-divided into three groups.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Puerto
Rico, being the only SIDS that is not politically independent, is a group unto
itself. The 6 smallest islands belong to the Organization of Eastern Caribbean
States (OECS); and, the remaining 4 states comprise the last group. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Table 2
conveys information on 12 ACS Latin American (LatAm) states. Like the Caribbean
Islands, these LatAm states are divided into two groups – Central, and South
American States. The former comprises 8 states and the latter 4 states.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">ACS Latin American States<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Population (Millions)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Income (US $)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2016<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2017<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Latin American States<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">250.8<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">8,850<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">102<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">102<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Central American States<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">169.7<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">8,480<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">86<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">85<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Mexico<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">127.0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">9,710<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">38<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">47<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Costa Rica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">4.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">10,210<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">58<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">62<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Panama<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">12,050<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">69<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">70<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Guatemala<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">16.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3,590<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">81<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">88<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">El Salvador<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3,940<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">86<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">95<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Honduras<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">8.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">2,270<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">110<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">105<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Belize<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">4,420<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">120<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">112<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Nicaragua<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">1,940<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">125<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">127<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">South American States<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">81.1<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">9,640<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">133<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">127<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Colombia<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">48.2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">7,130<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">54<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">53<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Guyana<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">4,090<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">137<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">124<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Suriname<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">9,300<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">156<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">158<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Venezuela<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">31.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">12,080<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">186<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 33.15pt;" valign="top" width="44"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">187<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Table 2: </span></b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Ratings
of ACS Latin American States<b><o:p></o:p></b></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">It should
also be noted that this table includes three CARIFORUM member-states: Belize,
in the Central American group, as well as Guyana and Suriname in the South
American group. With the exception of Puerto Rico, all Caribbean islands in
table 1 are CARIFORUM states.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<u><span lang="EN-JM">Doing
Business Regional Profile 2017: Latin America and the Caribbean</span></u><span lang="EN-JM"> lists 32 LAC states. With the
exception of Puerto Rico, 24 of these are ACS members. The 17 remaining LAC
states are all located in South America. Average rating for the Caribbean
Island ACS members is below the LAC average of 107.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">But, 9 of
the top 12 LAC performers are ACS member states, just like “Doing Business 2015”,
but less than the top 10 in “Doing Business 2016”. Again, this is mostly due to
the superior rankings of the Central American sub-group, though this number
does include 3 Caribbean Island ACS members. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Currently,
the top 12 ranked LAC performers, from highest to lowest, are: Mexico, Colombia,
Peru, Puerto Rico, Costa Rica, Jamaica, Panama, Saint Lucia, Guatemala, Uruguay,
El Salvador, Trinidad and Tobago. Of these, Peru, Puerto Rico, and Uruguay are
the only states that are not ACS members.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Six LatAm
ACS member-states are in the top 12: Colombia being the sole South American
member, of its group of 4. Mexico, Costa Rica, Panama, Guatemala and El
Salvador comprise the remaining 5, of the 8 member Central American group.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">No large
Caribbean-Island state is present. Jamaica, Trinidad and Tobago are 2 of the 4
larger ACS SIDS that are top performers. Puerto Rico is also among the top
performers. But, Saint Lucia is the sole member of the 6 OECS members that is a
top performer.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The superior
ranking of the LatAm sub-group is specifically due to performance of Mexico, and
Colombia: Mexico with rank of 47 being best performer in the Central America
group and Colombia, ranked 53, best of the South America group. The former being
ranked higher than the latter.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Only 2 of
the 8 Central American group members were below the LAC average. One which was
below average – Belize - is a CARIFORUM member. Otherwise, only Puerto Rico, and
Jamaica ranked above the Central America group average of 85. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Regrettably,
ACS still comprises 7 of the 8 lowest ranked economies in LAC. In ascending
order from the lowest, these are: Venezuela, Haiti, Suriname, Bolivia, Grenada,
Saint Kitts and Nevis, Nicaragua, and Saint Vincent and the Grenadines. Bolivia
is the sole non-ACS member.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The South
American group has the largest discrepancy in ranks: Colombia is at the top with
53 and Venezuela the last at 187: the remaining 2 – Guyana and Suriname – being
CARIFORUM members: Suriname and Venezuela being in the bottom 8.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The Association
of Caribbean States not only has the most capable states to effect reform, but
it also has the most deserving of states. Therefore, it seems to be the body
most suitable to facilitate this reform in the shortest order. Indifference to
reform should not be allowed to further deteriorate performance. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-JM">Central
America is leading by example. Can other ACS members, including CARIFORUM
members, follow suit? Can we all collaborate to bring about well-needed reform and
a better future? We can, and we must, but we need to actively effect change now
and stop procrastinating.<o:p></o:p></span><br />
<span lang="EN-JM"><br /></span>
<span lang="EN-JM"><br /></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;"><br /></span></i></span>
<br />
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<b>Related articles:</b><br />
<br />
Doing Business in the Caribbean 2018: El Salvador Shines<br />
<br />
<a href="https://bit.ly/1UULId9" target="_blank">Doing Business in the Caribbean 2016: Central America shows the way</a><br />
<br />
<a href="http://bit.ly/1Gj1nRA" style="font-family: verdana, sans-serif; font-size: small;">Greater Caribbean Business in 2015</a></div>
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><b></b></span><br />
<a href="http://bit.ly/1wV19N9" style="font-family: Calibri; font-size: medium;">Doing Business in the Caribbean 2015: Who Cares</a><span style="font-family: "calibri"; font-size: small;">?</span></div>
<br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"></span>
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1jytZFD" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform, part 2</a></span></span><br />
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><br /></span><a href="http://bit.ly/1gKbFHW" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform</a><br />
<br />
<a href="http://bit.ly/1kZxNpd" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif; font-size: 12px;"> </span><br />
<span lang="EN-JM"><br /></span>
<span lang="EN-JM"><br /></span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-60136895156048615362016-06-14T11:45:00.001-05:002018-02-01T08:48:32.147-05:00Doing Business in the Caribbean 2016: Central America shows the way<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<a href="http://bit.ly/1OWY8U9" target="_blank"><u><span lang="EN-JM">DoingBusiness 2016: Measuring Regulatory Quality and Efficiency</span></u></a><span lang="EN-JM"> is the 13<sup>th</sup> in the long-standing
series of co-publications by the World Bank and International Financial
Corporation (IFC). This annual report on the ease in doing business in 189 nations
covers the period from June 2014 to June 2015. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">I have been
reviewing such reports for the past two years, and have published two articles
from each review: first to examine the global ranking of Caribbean states, then
to breakdown their performance into the 10 indicators used in the ranking process.
This article reviews “<a href="http://bit.ly/1OWY8U9" target="_blank">Doing Business 2016</a>”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Last year
in “<a href="http://bit.ly/1wV19N9" target="_blank">Doing Business in the Caribbean: Who Cares</a>?” and “<a href="http://bit.ly/1Gj1nRA" target="_blank">Greater Caribbean Business in 2015</a>”, I suggested collaboration within
the Association of Caribbean States (ACS) in order to effect well needed reform,
especially considering commonalities that existed within its membership.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The Latin
America and Caribbean (LAC) region has a number of groupings that could
undertake such reform in “Doing Business”. However, the ACS stands out, because
it is focused on the Caribbean. The two tables below present data primarily for
member-states.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Caribbean Island<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Population (Millions)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Income (US $)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2015<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2016<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Caribbean Islands<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">29.9<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">6,455<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">102<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">104<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Caribbean SIDS<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">8.9<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">13,687<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">96<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">98<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Puerto Rico (US)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">19,210<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">56<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">57<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Independent Caribbean SIDS<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">5.4<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">10,107<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">100<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">102<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Jamaica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">2.7<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">5,042<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">71<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">64<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Trinidad<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">1.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">16,562<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">85<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">88<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Bahamas, The<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">21,010<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">108<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">106<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Barbados<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">15,579<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">116<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">119<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">OECS<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">0.7<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">9,080<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">104<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">107<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">St. Lucia<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">7,090<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">77<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">77<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Dominica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">7,070<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">89<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">91<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Antigua &
Barbuda<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">13,360<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">99<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">104<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">St. Vincent &
the Grenadines<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6,560<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">106<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">111<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">St. Kitts &
Nevis<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">14,540<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">122<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">124<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Grenada<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.1<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">7,850<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">130<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">135<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Large Caribbean Island States</span></b><span lang="EN-JM"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">21.0<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">3,390<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">137<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">137<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Dominican Republic<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">10.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">5,950<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">93<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">93<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Haiti<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">10.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">830<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">182<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">182<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Table 1: </span></b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Ratings
of Caribbean Islands<b><o:p></o:p></b></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Previously,
I had advocated reform through the Caribbean Forum (CARIFORUM). However, ACP’s
25 member states comprise 15 CARIFORUM member-states. Cuba is another member,
and 8 Caribbean Overseas Territories are associate members, though neither are
part of “Doing Business 2016”. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">ACS
therefore has a wider membership of Caribbean islands than CARIFORUM. Also, “<i>ACS provides a framework for the dialogue
and activity necessary to further advance economic integration and
intra-regional trade and investment, thereby improving competitiveness of the
Greater Caribbean region</i>”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<a href="http://documents.worldbank.org/curated/en/2016/02/25944444/doing-business-regional-profile-2016-latin-america-caribbean-lac" target="_blank"><u><span lang="EN-JM">DoingBusiness Regional Profile 2016: Latin America and the Caribbean</span></u></a><span lang="EN-JM"> lists 32 LAC states. With the
exception of Puerto Rico, 24 of these are ACS members. Nevertheless, data for
Puerto Rico was reviewed and is presented for reference. All the other LAC
states are located in South America.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Both tables
present general information on the relevant economies, as well as their
rankings for 2015 and 2016. Table 1 conveys information on 13 Caribbean Islands,
divided into two groups: 11 Small Island Developing States (SIDS) and 2 large island-states:
namely the Dominican Republic and Haiti.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The SIDS
are sub-divided into three groups. Puerto Rico, being the only island that is
not politically independent, is a group unto itself. The 6 smallest islands
belong to the Organization of Eastern Caribbean States (OECS) – the next group;
and, the last comprises the 4 remaining SIDS.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Table 2
conveys information on 12 ACS Latin American (LatAm) states. Like the Caribbean
Islands, these LatAm states are divided into two groups – Central, and South
American States. The former comprises 8 states and the latter 4 states.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">It should also
be noted that this table includes three CARIFORUM member-states: Belize, in the
Central American group, as well as Guyana and Suriname in the South American
group. With the exception of Puerto Rico, all Caribbean islands in table 1 are
CARIFORUM states.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">ACS Latin American States<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Population (Millions)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">Income (US $)<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2015<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">2016<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Latin American States<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">250.8<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">8,850<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">104<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">102<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">Central American States<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">169.7<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">8,480<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">90<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">86<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Mexico<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">123.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">9,980<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">42<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">38<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Costa Rica<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">4.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">9,750<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">79<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">58<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Panama<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">10,970<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">66<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">69<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Guatemala<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">15.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3,440<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">81<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">81<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">El Salvador<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6.4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3,780<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">115<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">86<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Honduras<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">8.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">2,190<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">97<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">110<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Belize<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">4,760<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">118<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">120<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Nicaragua<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">6.2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">1,830<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">123<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">125<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-JM">South American States<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">81.1<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">9,640<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">131<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span lang="EN-JM">133<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Colombia<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">48.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">7,780<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">52<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">54<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Guyana<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">3,970<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">132<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">137<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Suriname<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">0.5<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">9,640<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">154<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">156<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="EN-JM">Venezuela<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">30.9<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">12,820<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">184<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt;" valign="top"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span lang="EN-JM">186<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Table 2: </span></b><span lang="EN-JM" style="font-size: 9.0pt; line-height: 115%; mso-ansi-language: EN-JM;">Ratings
of ACS Latin American States<b><o:p></o:p></b></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">In both
tables, 2015 rankings are generally lower than those published in “<a href="http://bit.ly/1wV19N9" target="_blank">Doing Business in the Caribbean: Who Cares?</a>”. These rankings were actually revised
using a new evaluation process developed for the 2016 rankings: thereby
facilitating comparison between the current and past year.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Of all ACS members,
only the OECS improved its average 2015 rankings in the revision. This was due
to significant improvement in the rankings of Saint Lucia and Dominica, which
superseded Antigua and Barbuda as the top performers within OECS: other member
states having marginally worse rankings. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">OECS
average 2015 ranking was revised to 104: equal to that of the LatAm states.
But, the average 2015 ratings for independent SIDS as a whole remained
superior. The average 2016 rating for ACS LatAm states marginally improved,
while that of independent SIDS worsened to become equal, at 102.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">For the
LatAm ACS, the Central America group benefited from the revised 2015 ranking. Only
Honduras improved in rank, but Belize held firm. In the process, Honduras
superseded El Salvador in the revised standings. Similarly, Mexico and Panama fared
better than their counterparts in this revision. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Mexico was ranked
higher than Colombia, previously the top performer within ACS: thus making it
top 2015 performer within ACS. Similarly, Panama superseded Costa Rica in the
revised ranking. Of the three changes in standing, only Mexico and Colombia maintained
their relative positions in the 2016 ranking.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">In “<a href="https://www.google.com.jm/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjoi-rx-qfNAhUE1x4KHTCEDCoQFggaMAA&url=http%3A%2F%2Fwww.doingbusiness.org%2Freports%2Fglobal-reports%2Fdoing-business-2015&usg=AFQjCNFo4-YV_AN2S0OPb1JP1rpiVwtqEQ&sig2=ZPLxmQUQ783OmU9umq2I7A&bvm=bv.124272578,d.dmo" target="_blank">Doing Business 2015</a>”, 9 out of the top 12 LAC performers were ACS member-states. In
“Doing Business 2016”, this has improved to 10 of the top 12 performers. This
improvement is solely due to significant improvement in the rankings of the
Central American sub-group.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Currently,
the top 12 LAC performers, from highest to lowest rank, are: Mexico, Peru,
Colombia, Puerto Rico, Costa Rica, Jamaica, Panama, Saint Lucia, Guatemala, El
Salvador, Trinidad and Tobago, and Dominica. Of these, Peru and Puerto Rico are
the only states that are not ACS members.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Six Latin
American ACS member-states are in the top 12: Colombia being the sole South
American member, of its group of 4. Mexico, Costa Rica, Panama, Guatemala and
El Salvador comprise the remaining 5, of the 8 member Central American group.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">With the
exception of Puerto Rico, four Caribbean islands are in the top 12. No large
Caribbean-Island state is present. Jamaica, Trinidad and Tobago are 2 of the 4
larger Caribbean SIDS that are top performers: Saint Lucia and Dominica being 2
of the 6 OECS members that are also top performers.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The
improvement of the 2016 average rank for the Central America sub-group is specifically
attributed to advancements by Mexico, Costa Rica, and El Salvador. The latter
two, having been superseded in the revised ranking, managed to retake their
previous positions. Guatemala held firm.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">For the Caribbean
Islands, only Jamaica and The Bahamas improved in the 2016 rankings, with Saint
Lucia, Dominican Republic, and Haiti holding firm. Though improved, The Bahamas
rating was still below-average. But, that of the Dominican Republic remained
above-average.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-GB">In the
Jamaica Gleaner publication dated October 28, 2015, the article “<a href="https://www.google.com.jm/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwi6so6j-6fNAhWEix4KHccDBqgQFggaMAA&url=http%3A%2F%2Fjamaica-gleaner.com%2Farticle%2Fbusiness%2F20151028%2Fjamaica-cited-reforms-doing-business-report&usg=AFQjCNHec9ce-o2Un2VSCzWAfy7ntsGYaQ&sig2=lVyKYjYPsohLGyrHSQ4oyA&bvm=bv.124272578,d.dmo" target="_blank">Jamaica Citedfor Doing Reforms in Doing Business Report</a>” stated that:<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-GB"><br /></span></div>
<div class="MsoNormal">
<i><span lang="EN-GB">“Jamaica... </span></i><i><span style="background: white; mso-bidi-font-family: Arial;">has been
cited by the World Bank, alongside Costa Rica and Mexico, as executing the most
reforms in the region in the last five years”, and “also found that Jamaica is
among the global top 10 improvers ‘as it implemented a regional high of four
reforms’<span style="color: #333333;"> </span></span></i><span style="background: white; color: #333333;">”</span><i><span style="background: white; color: #17365d;">.</span></i><span style="background: white; color: #17365d;"><o:p></o:p></span></div>
<div class="MsoNormal">
<i><span style="background: white; color: #17365d;"><br /></span></i></div>
<div class="MsoNormal">
<span lang="EN-JM">Regrettably,
ACS also comprises 7 of the 8 lowest ranked economies in LAC. In ascending
order from the lowest ranked, these are: Venezuela, Haiti, Bolivia, Suriname,
Guyana, Grenada, Nicaragua, Saint Kitts and Nevis. Of these, Bolivia is the
sole non-ACP member.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Only the
larger SIDS are not a part of this group. Haiti is one of the two large
Caribbean island states in the group; Grenada, Saint Kitts and Nevis: 2 of the 6
OECS. Venezuela, Suriname, and Guyana are 3 of the 4 South American states; and
Nicaragua: the sole Central American state.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The South
American sub-group therefore has the largest discrepancy in ranks: Colombia is
in the top 12, but the others are in the bottom 8. Two of these are CARIFORUM
states; or put differently, 5 of the 7 lowest ranked ACS members are also CARIFORUM
members.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The Greater
Caribbean not only has the most capable states to effect reform, but it also
has the most deserving of states. Again, in “<a href="http://bit.ly/1wV19N9" target="_blank">Doing Business in the Caribbean:Who Cares?</a>”, I had proposed using the <u>A</u>sia-<u>P</u>acific <u>E</u>conomic
<u>C</u>ooperation (APEC) as a model for ACS to address reform within the
sub-region.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">On the
whole though, the relative standings of most states within the sub-region were
unchanged: even in the case of Mexico and Jamaica, whose global ranks improved.
However, Costa Rica and El Salvador improved their standings: Panama and
Honduras falling below Jamaica and The Bahamas respectively.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Otherwise,
five (5) islands fell in the regional standings. Listed from the highest to lowest ranked,
they are: Saint Lucia, Trinidad and Tobago, Dominica, Dominican Republic, and
Saint Vincent and the Grenadines. The global rank for Saint Lucia actually held
firm, but all the others fell.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">It should now
be apparent that states have to improve their global ranks just to maintain
their relative regional standing. The global ranks of Mexico and Jamaica
improved by 4 and 7 places respectively, just to maintain their respective standings
of 1<sup>st</sup> and 6<sup>th</sup>. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; mso-bidi-font-family: Arial;">Though
Mexico was the top performer, it is instructive to note that Costa Rica moved up
21 places globally, from 79 to 58, to take the 5<sup>th</sup> spot: thus preventing
Jamaica from advancing in the regional standing, even though it had moved up 7
places globally. It was simply not good enough<span style="color: #17365d; mso-themecolor: text2; mso-themeshade: 191;">.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="background: white; mso-bidi-font-family: Arial;"><span style="color: #17365d; mso-themecolor: text2; mso-themeshade: 191;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-JM">To actually
improve in standing, substantial improvements have to be made. Costa Rica’s
global ranking moved up 21 places to take it from 8<sup>th</sup> to 5<sup>th</sup>
in region. El Salvador moved up 29 places, from 115 to 86, to take it from 17<sup>th</sup>
to 10<sup>th </sup>place regionally.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">With the
widening of the Panama Canal now complete, a significant increase in trade and
investment can be expected in the Greater Caribbean. So, improving competitiveness
of local firms is imperative and this through the improved competitiveness of
Greater Caribbean states. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The
indifference to reform should not be allowed to further deteriorate performance
in “Doing Business”. ACS seems to be the regional body most able to facilitate
this reform in the shortest order, and time is of the essence to capitalize on expected
increase in investment and trade within the Basin.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-JM">Central America
seems to be championing reform in their individual nations. Can the other LatAm
ACS members and the Caribbean islands follow suit? More importantly, can we all
collaborate to be able to capitalise on gains expected in the near future? Only
time will tell.<o:p></o:p></span><br />
<span lang="EN-JM"><br /></span>
<span lang="EN-JM"><br /></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span><br />
<br />
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
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<a href="http://bit.ly/2BsasqZ">Doing Business in the Caribbean 2018: El Salvador Shines</a><br />
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<a href="http://bit.ly/2uKNBra" target="_blank">Doing Business in the Caribbean 2017: Central America Leads By Example</a></div>
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><b></b></span><br />
<a href="http://bit.ly/1wV19N9" style="font-family: Calibri; font-size: medium;">Doing Business in the Caribbean 2015: Who Cares</a><span style="font-family: "calibri"; font-size: small;">?</span></div>
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<span lang="EN-JM" style="mso-ansi-language: EN-JM;"></span>
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1jytZFD" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform, part 2</a></span></span><br />
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<a href="http://bit.ly/1kZxNpd" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif; font-size: 12px;"> </span></div>
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PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-16463465119689078972015-06-30T12:52:00.000-05:002015-06-30T12:59:01.725-05:00Trinidad and Jamaica should Reconsider Strategic Alliance in the Mineral Sector<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">William
Demas – former Head of the Economic and Planning Division of the Government of
Trinidad and Tobago – compared the 5-year national plans of Jamaica and
Trinidad and Tobago (T&T) in his book <u>The Economics of Development in Small
Countries</u>, first published in 1965, and noted that:<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">“...both plans anticipate a slow-down in the
rate of growth of G.D.P. as compared with the 1950’s. In both cases growth
rates of G.D.P. of 5 per cent are projected..., in both cases, the slow down in
the rate of growth of G.D.P. is the result of the anticipated slowing down in
the rate of growth of the mineral export sectors to 3 per cent – bauxite in
Jamaica and petroleum in Trinidad.”<o:p></o:p></span></span></i></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">The
existence of relatively cheap oil imports as prevailed in the 1950s through to
the OPEC action in 1973 factored in Jamaica’s economic growth.<span style="mso-spacerun: yes;"> </span>But, the international oil market has
changed.<span style="mso-spacerun: yes;"> </span>Oil prices have hovered around
US$100 per barrel since the end of the last decade and prices of US$150 –
US$200 per barrel are projected on recovery from the global recession.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;">The Jamaican
dollar devalued by an average annual rate of 212.6% from 1970-2005.<span style="mso-spacerun: yes;"> </span>From 1990-2006, GDP grew 1.1% on average
while energy use grew 2.5% per annum.<span style="mso-spacerun: yes;"> </span>In
2006, the value of oil imports amounted to 87% of export earnings. </span><span lang="EN-JM" style="font-size: 9pt; line-height: 115%; mso-ansi-language: EN-JM;"><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Zia Mian, a
retired senior World Bank official and international energy consultant, states
in an article titled “Jamaica’s Energy Challenge – part III”, in the Sunday
Gleaner dated 30 March 2008, that: “<i style="mso-bidi-font-style: normal;">Jamaica’s
economy is relatively energy intensive. <span style="mso-spacerun: yes;"> </span>Per capita energy consumption is estimated at
over 10 barrels of oil equivalent (boe)</i>”.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Jamaica has
one of the highest rates of energy consumption in Latin America and the
Caribbean region.<span style="mso-spacerun: yes;"> </span>This is mainly due to
the heavy usage of energy by its bauxite/alumina sector.<span style="mso-spacerun: yes;"> </span>Jamaica operates four alumina refineries. All
of these use oil to convert bauxite to alumina, which is then shipped to
smelters overseas for further processing to aluminium. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Oil is the
most significant cost involved in producting alumina. According to data from
the Jamaica Bauxite Institute, Fuel/Energy represented 40% of the operating
cost of producing alumina in 2009, when operating costs were US$ 217.40/metric
tonne; and 52% in 2012, when operating costs were US$ 345.80/metric tonne.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Carlton
Davis, author of <u>Jamaica in the World Aluminium Industry 1938 – 1973</u>, former
Cabinet Secretary and chairman of the Jamaica Bauxite Institute, stated in an
article entitled: <i style="mso-bidi-font-style: normal;">“Energy Cost and our
Economic Future – Future of Alumina Sector Hinges on Energy Cost”</i>, in the
Mona School of Business Nov/Dec 2011 issue, that:<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;"><span style="mso-spacerun: yes;"> </span><i style="mso-bidi-font-style: normal;">“Given
the importance of the cost of energy in the production of alumina and the
consensus that oil will be more expensive over the long-term than natural gas
or coal it is incumbent that oil is replaced by one of these two fuels.<span style="mso-spacerun: yes;"> </span>However, it is necessary for the industry to
increase the efficiency of whatever fuel is used.<span style="mso-spacerun: yes;"> </span>Given what is at stake the Government has a
lead role in affecting this transformation.”<o:p></o:p></i></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">According
to the <u>Economic and Social Survey Jamaica 2012</u>, export earnings from the
bauxite/alumina sector declined by 11.5% in 2012: crude bauxite by 7.5% and
alumina by 12.4%.<span style="mso-spacerun: yes;"> </span>This decline was
partly due to the “<i style="mso-bidi-font-style: normal;">global slow down
associated with the European debt crisis</i>” but also the result of:<o:p></o:p></span></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-JM" style="font-family: Symbol; mso-ansi-language: EN-JM; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Lower alumina prices, where Jamaica
could not compete due to its relatively high cost plants; and<o:p></o:p></span></span></i></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="EN-JM" style="font-family: Symbol; mso-ansi-language: EN-JM; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Increased global competition from
newly commissioned, more efficient, alumina plants.<o:p></o:p></span></span></i></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Two of Jamaica’s refineries are slated
to be converted to coal-fired electricity generating plants in the near future;
and the remainder converted for use of natural gas. According to Carlton Davis,
<i style="mso-bidi-font-style: normal;">“...data from the alumina sector indicates
that using natural gas would require less capital investment than coal”</i>.
Conversion of a plant from oil to natural gas would cost US $30 million, while
conversion to coal costs US $250 million.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">Zia Mian also states in an article
entitled “<i style="mso-bidi-font-style: normal;">Cross-Caribbean Energy Link-Up</i>”,
in the Sunday Gleaner dated 29 September 2013, that: “<i style="mso-bidi-font-style: normal;">After T&T informed Jamaica that it had no gas to honour its
commitment to supply 1.125 tonnes of LNG per annum to bauxite and power
sectors, I developed and suggested an interim gas-supply option. This option was
predicated on trilateral cooperation among Jamaica, T&T and Venezuela”.</i><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">The objective of this initiative was
to purchase natural gas from Venezuela, have it liquefied in Trinidad, and ship
it to Jamaica. In September, Trinidad signed a bilateral agreement with
Venezuela to resolve their border issues and share natural gas from fields
which lie on those borders. This “<i style="mso-bidi-font-style: normal;">recent
bilateral deal has reopened the opportunity for Jamaica to buy natural gas from
Venezuela and liquefy it in T&T”.</i><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">In fact, “<i style="mso-bidi-font-style: normal;">T&T’s United States LNG market is now minimal and T&T has been
selling LNG to Far Eastern markets”, and “the costs of transport to those
destinations are generally high”.</i> So, a strategic alliance between Trinidad
and Jamaica at this time could prove mutually beneficial.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">A World Bank project has been underway
in Jamaica for some time now to support the development of a regulatory
environment for introduction of natural gas.<span style="mso-spacerun: yes;">
</span>The preferred fuel for the recently tendered 360 MW generating plant is
natural gas; and, one of the bidders intended to source this fuel from Puerto
Rico, which would have meant Jamaica would have been getting Trinidadian LNG
via Puerto Rico.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">In this regard, I support Zia’s
recommendation that Trinidad and Jamaica “<i style="mso-bidi-font-style: normal;">must
give this opportunity another<span style="mso-spacerun: yes;"> </span>try and
see if it could reduce the cost”</i>, though I would add not only in
electricity generation, but also in alumina production.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; mso-pagination: widow-orphan no-line-numbers;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;">In the 1960’s, the only endeavour
cheap oil did not allow Jamaica was to have its own aluminium smelters; though
there was a proposal in the 1970’s to have Jamaica’s bauxite shipped to
smelters built in locations such as Trinidad. The more recent cancellation of
Trinidad’s Alutrint smelter complex should not end further collaboration between
these two nations in the mineral sector. Both nations, in Jamaican paralance,
need to “wheel and come again”.</span></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;"></span></span><br />
<br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;"><b>Related articles:</b></span></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;"><a href="http://bit.ly/1FHzZXa">Could the ‘Singapore Experience’ have started in Trinidad?</a></span></span><br />
<a href="http://bit.ly/1AHrldm" target="_blank">Singapore: Lesson to Jamaica</a><br />
<br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: Calibri;"><i style="font-family: inherit;"><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i><br />
<o:p></o:p></span></span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-18899237756511814612015-06-12T10:16:00.000-05:002020-01-16T15:06:13.242-05:00Could the ‘Singapore Experience’ have started in Trinidad?<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: xx-small;"> <b> Figure </b><b>1</b><b>: </b>Real GDP per capita, 1996 US$ [Source: Penn World
Estimates of Real GDP per Capita]</span><span lang="EN-JM" style="font-size: 11.0pt; mso-ansi-language: EN-JM;"><o:p></o:p></span></div>
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<span style="font-size: 11pt;"><br /></span></div>
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<div style="text-align: justify;">
<span lang="EN-JM">Lee <span class="SpellE">Kuan</span> Yew, Singapore’s first Prime Minister, died on 23
March 2015; and on 29 March 2015, the Straits Times published an article titled
“The Singapore That Lee <span class="SpellE">Kuan</span> Yew Built” which stated
that he “...<i>foretold the transformation
of the country from a tiny slum-ridden trading post .</i>..” back in 1959.<o:p></o:p></span></div>
</div>
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<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">On 1 April
2015, another article in the Straits Times, titled “Interactive Map: How <span class="SpellE">Twittersphere</span> Reacted to News of Mr. Lee <span class="SpellE">Kuan</span> Yew’s Death”, stated that over 1.2 million related
tweets were sent in the week preceding his death. Unwittingly, I may have
contributed to this statistic.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">A
Trinidadian Information Technology professional had posted one of my articles
“Singapore: Example to the Caribbean in Doing Business” with the comment “<i>Caribbean leaders think they can cut and
paste Singapore success story here, they need (sic) address productivity and
innovation first</i>”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">I don’t
know if he actually read the article, but we tweeted at length on the matter and
I advised that transformation was a slow process and “<i>Lee <span class="SpellE">Kuan</span> Kew (sic) was in power for over 30
years to oversee Singapore’s development</i>”. Shortly thereafter, I received a
tweet that Lee <span class="SpellE">Kuan</span> Yew was dead.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"> His leadership of Singapore has been
chronicled in his book <u>From Third World to First – The Singapore Story: 1965
- 2000</u>. In this, he describes a meeting in 1980 between Jiang <span class="SpellE">Zemin</span>, <span class="GramE">then</span> mayor of Shanghai,
China, and Ng Pock Too, then director of Singapore’s Economic Development Board
(EDB).<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Jiang, who would
later become China’s President, was studying how Singapore’s EDB developed
special economic zones and attracted foreign direct investment (FDI). Jiang had
commented that China could provide all the amenities cheaper than Singapore, but
then enquired: “What is the secret formula?<span class="GramE">”.</span><o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><span class="GramE"><br /></span></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In
response, Ng explained “...<i>the key
importance of political confidence and economic productivity</i>”. Lee further explained
in the text that “<i>There was no danger of
confiscation. Our workers were industrious and productive, and there were
minimal strikes</i>”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">So, the
productivity of Singapore’s workforce did play a part in its development, but
there was much more. The article tweeted actually examined the World Bank and
International Financial Corporation’s “Doing Business 2013” Report, which ranked
nations with regard to 10 performance indicators.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Singapore was
ranked first overall; and Trinidad and Tobago, the highest ranked Caribbean-Community
nation at the time, ranked 69th. In the 1960s, both had similar economic
structures, history, and institutions. But since 2007, Singapore has been one
of the 5 most competitive nations in the world.<o:p></o:p></span></div>
</div>
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<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Again in
the 1960s, both planned economic development by import substitution
industrialization (ISI). To overcome the limitation of its small market, Singapore
also pursued a common market with the much larger Malaysia. By the mid 1960s, its
growth was erratic, alternating between 4 – 14 percent.<o:p></o:p></span></div>
</div>
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<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">ISI was
typically advocated and promoted by colonial administrations. It involved
import substitution supported by tariffs and import quotas. In theory, this protection
was to be reduced as the domestic manufacturing sector became internationally
competitive. But in practice, this was rarely done.<o:p></o:p></span></div>
</div>
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<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"> Initially, Singapore’s per capita income was as
low as US$ 2,161 and its infrastructure was very poor. The economy was poorly diversified
and poorly integrated globally. Capital was scarce, and there was hardly any FDI.
But, a single party ruled the nation for decades, just as Trinidad and Tobago.<o:p></o:p></span></div>
</div>
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<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Singapore’s
traditional <span class="SpellE">entrepôt</span>-trade, related supporting
services and processing industries, were declining because direct routes had
opened up between markets of the developed world and the other Southeast Asian
nations.<o:p></o:p></span></div>
</div>
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<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In
contrast, Trinidad and Tobago had the highest per capita income in the
English-speaking Caribbean at US$ 4,370. Early that century, it had started
producing oil and natural gas commercially, and this attracted multinational
corporations, significant FDI, technology and skills.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Singapore
also lacked high-quality institutions with strong governance structures. So, EDB
was founded in 1961 as a statutory agency responsible for marketing Singapore
and overseeing the establishment of industrial companies.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">EDB
functions as “<i>a one-stop agency so that
an investor need not deal with a large number of departments and ministries”.</i>
But, the government planned “<i>broad
economic objectives and the target periods within which to achieve them</i>”
which were regularly reviewed and adjusted as required.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">After the
election of the Peoples’ National Movement (PNM) in 1956, Trinidad and Tobago established
such an institution called the Industrial Development Corporation (IDC). Economic
development plans were also prepared. But, the fundamental goals to be achieved
were not clearly defined until 1963. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Trinidad and
Tobago used diverse industrial policies since 1956. But from 1958 to 1973, it used
three 5-year development programmes based on ISI. By the end of the first,
coordination between the government, labour and the private sector was handled
by another statutory body.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">This body
was the National Economic Advisory Council. By the end of that century, IDC was
relegated to being an investment-screening agency and remaining functions were
distributed to other institutions, such as the Export Development Corporation
(EDC).<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">By 1965,
Trinidad became a founding member of the Caribbean Free Trade Association
(CARIFTA): an agreement between Anglo-Caribbean states to eliminate trade
barriers. However, Singapore was expelled from the Malaya region, <span class="SpellE">loosing</span> its coveted common market which rendered ISI
unviable.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">According
to Lee, “<i>I gradually crystallized my
thoughts and settled on a two-pronged strategy to overcome our disadvantages.
The first was to leapfrog the region...</i><span class="GramE">”.</span> “<i>The second part of my strategy was to create
a First World oasis in a Third World region</i>”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Singapore then
began its second phase of development. Its path diverged from ISI to export-promotion
industrialization (EPI). It pursued
export-oriented growth when few developing countries were doing so. A host of
supporting policies were passed, tariffs were abolished, and import quotas
minimized.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">One of the
policies passed was the 1967 Economic Expansion Incentives Act which
significantly reduced corporate tax rates to exporting manufacturers. Policies
were adjusted as the need arose and sustained growth was realised in this
phase. (See figure 1)<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In 1968, Lee
took a short sabbatical to Harvard Business School, and consulted Professor
Raymond Vernon. In 1966, Vernon had published a paper in the Quarterly Journal
of Economics which postulated shifting production of goods in their mature
phase of development from the First to Third World. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">According
to Lee, <i>“Vernon dispelled my previous
belief that industries changed gradually and seldom moved from an advanced
country to a less-developed one”</i>. Acting on Vernon’s advice, Lee
accelerated EDB’s marketing effort to US multinational corporations.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In Lee’s
words, <i>“This campaign has been the most
important element of a carefully orchestrated development strategy that has led
to Singapore experiencing what is probably the most dramatic single-generation
improvement in comparable living standards in the history of mankind”.<o:p></o:p></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><i><br /></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">So,
innovation also played a part in Singapore’s development: which supports the
previous suggestion that Caribbean leaders need to address innovation. Terrence
Farrell – former chairman of the macro-economic sub-committee of Trinidad’s Vision
2020 project also confirms Trinidad’s need of innovation.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In his book
<u>The Underachieving Society: Development Strategy and Policy in Trinidad and
Tobago 1958-2008</u>, he states that “<i>There
was little technology transfer, innovation or research and development
occurring in any industry in Trinidad and Tobago</i>”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">However,
this should not be construed to mean the Caribbean lacked innovation. Farrell
acknowledged that Trinidad’s underperformance can be attributed in part to the
deficiencies and mistakes in policy: one of which was the limitation of ISI
compared to EPI.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">The St.
Lucian Nobel-laureate Sir W. Arthur Lewis was one of the advisors to Trinidad
and Tobago on its first 5-year plan, and his name is usually associated with the
ISI strategy, but he actually postulated EPI as early as 1954 in his definitive
work “Economic Development with Unlimited Supplies of Labour”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">He had actually
proven that colonial economies with export-oriented plantations could achieve
industrialization, and this was later branded the ‘Puerto Rico Model’. <span class="SpellE">Teodoro</span> <span class="SpellE">Moscoso</span> of the Puerto
Rico Economic Development Administration (<span class="SpellE">Forento</span>)
was also an advisor on that plan.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">According
to Farrell, “<i>The presence of these two
men in particular was a clear indication of the direction in which the newly
elected PNM administration intended to take the economy...</i><span class="GramE">”.</span> However, these men were not involved in formulating the
subsequent 5-year plans.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Nevertheless,
the PNM did approve an economic development plan similar to the ‘Puerto Rico
Model’ back in 1956. But by 1958, this was deemed unsuccessful and abandoned
because Trinidad and Tobago could not match the incentives Puerto Rico was offering
US investors.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">The
institutional structure for ISI (i.e. taxes, legislation, etc.) was in place at
that time; and Farrell states that: “<i>The PNM’s economic programme differed from
those of its predecessors only in the extent and vigour of its intended
industrialization programme”</i>. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In the
first 2 years of the first 5-year plan, the increase in real per capita income reduced
in comparison to the plan it replaced. “<i>But,
there was no explicit embrace of the idea that import substitution had to lead
to export-promoting industrialization”.<o:p></o:p></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><i><br /></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Farrell
suggests that “<i>the reason for this was
perhaps that imperative for generating foreign exchange through manufactured
exports was muted by the strong performance of the dominant petroleum industry
that had expanded refining capacity significantly”.<o:p></o:p></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><i><br /></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">An incomes
policy was also a necessary element for the success of EPI, so Singapore established
a tripartite wage negotiation system to facilitate stability in wage bargaining
and deter labour militancy. In 1971, Singapore also established the Manpower
and Training Unit to provide industrial training.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"> This did not occur in Trinidad and Tobago. According
to Farrell, the Industrial Stabilization Act of 1965 “<i>had become a dead letter, until replaced in 1972 by the Industrial
Relations Act</i>”. Nevertheless, a tripartite committee was appointed in 1968 to
deliberate on the feasibility of an incomes policy. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">But, its “<i>recommendations were never implemented and
the subject of wage restraint was dropped...</i>” until 1974. In addition, the
government also facilitated <i>“…low-level,
low productivity employment in the civil service, the local government bodies,
and statutory corporations and later on in state enterprises”.</i> <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><i><br /></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">This led to
increased expenditure on wages and salaries and “<i>less of government expenditure was available to be directed to capital
expenditure on social overhead capital and infrastructure that could promote
external economies and increase productivity”</i>.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">From figure
1, it should be noted that Singapore eventually overtook Trinidad and Tobago by
the end of the final 5-year programme from 1968 to 1973. According to Farrell,
the plan “<i>was an impressive document” but
“was never implemented as intended for it was interrupted by profound social
conflict</i>”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">These
included “<i>the trade union unrest in 1969,
the wider social unrest and army mutiny of 1970, culminating in the declaration
of a state of emergency, an acceleration in inflation from 1972, without
precedent in the nation’s history…</i><span class="GramE">”.</span><o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><span class="GramE"><br /></span></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Recognising
that their development programmes had failed to meaningfully improve employment
and seeking to counteract the social disruptions of the time, the government
abandoned fiscal restraint which resulted in a near 6-fold increase in
inflation: from 2.5 percent in 1970 to 14.8 percent in 1973.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Beside
deficiencies and mistakes in policy, Farrell also identifies 3 other factors
that could have contributed to that nation’s underperformance. These are: “<i>the problem of implementation; the impact of
ethnicity; and the ‘culture’ factor</i>”. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">With regard
to the latter, he states: “<i>that people of
a country may actually not aspire to the standard of living of the richer and
more developed countries. They may choose to work less hard, be less innovative
and productive, and consume more because they value leisure, conviviality and
pleasure more…”.</i><o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><i><br /></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">In
hindsight, Singapore’s real per capita income, though initially lower, increased
faster during Trinidad and Tobago’s first 5-year plan, even though both nations
pursued the same ISI strategy. It fell in 1965, on loosing the common market
with Malaysia, but recovered during the second 5-year plan.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Singapore’s
real per capita income exceeded that of Trinidad and Tobago just when oil
prices started to increase, following the Arab/Israeli war in 1973. But, it was
the inability of Trinidad and Tobago to implement the third and final 5-year
plan that was its undoing.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">It is
paradoxical that foreign exchange gained from Trinidad and Tobago’s mineral resources
may have prevented its switch to EPI; and poor management of its human
resources (practically Singapore’s only resource) was responsible for Singapore
eventually achieving the higher real per capita income.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Trinidad
and Tobago’s per capita income increased relatively steadily under the former
plans. Had it maintained this, it would have at least postponed being overtaken
by Singapore. To attain the ‘Singapore Experience’, Trinidad and Tobago needed
to address the 4 factors identified by Farrell.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Farrell
also stated that, a <i>“...strong growth
spurt in the latter half of the 1970s pushed Trinidad and Tobago ahead on
Singapore for a few years between 1978 and 1983”.</i> But, “<i>by 2008, Trinidad and Tobago’s GDP per
capita was only...49 per cent of Singapore’s”.</i><o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><i><br /></i></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Poor
implementation is responsible for Trinidad and Tobago starting well but failing
to stay the course and to maintain its support systems. For example, IDC predated
Singapore’s EDB. But by 2005, the functions of both the IDC and EDC were
transferred to its Ministry of Trade, Industry and Investment.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Whereas
Singapore’s EDB continues to exercise its mandate of marketing Singapore and
overseeing the establishment of industrial companies, Trinidad and Tobago no
longer has their statutory body so mandated to attract non-oil FDI.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Whereas
Singapore recognised from the onset that its economy was too small, Trinidad
and Tobago did not appreciate that it needed to promote export: even though EPI
was postulated by an internationally-acclaimed Caribbean economist; and, there
was also no regional economic grouping prior to CARIFTA. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Whereas
Singapore changed strategy in response to deteriorating economic environments,
Trinidad and Tobago seemingly arbitrarily switched to ISI which offered no
improvement over its lifespan when compared to the former plan, which was not even
allowed to complete its duration.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Trinidad
and Tobago never built upon its first 5-year plan as would have been reasonably
expected from the calibre of expertise available to it. But, Singapore
maintained EPI from 1965 and was able to increase its per capita income at a
faster rate.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Singapore
gained the first-mover advantage in EPI and it would be reasonable to assume
that its rapid rate of development will never be replicated, especially with
the large number of competing Third-World nations presently seeking to attract
FDI.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">Nevertheless,
Lee <span class="SpellE">Kuan</span> Yew had charted the course from Third World
to First by strong and decisive leadership, macroeconomic stability, and high
quality institutions and infrastructure. But, those that seek to navigate this
path cannot do so blindly. <o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM"><br /></span></div>
</div>
<div style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span lang="EN-JM">First, they
need to survey their own domestic conditions en route to become intimately aware
of its currents and hazards. Then, they need to implement only those principles
needed to stay the course. Adjustments will no doubt be required, but their
sights need to be firmly fixed on the next port of call.</span></div>
<br />
<div style="text-align: justify;">
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; text-align: left;">
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<div>
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<a href="http://bit.ly/1gKbFHW" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform</a></div>
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</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<i style="font-family: inherit;"><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phceojm">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="https://www.ph-ae.co/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></div>
</div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-38763544837765010462015-04-20T17:02:00.000-05:002018-02-01T08:58:09.715-05:00Greater Caribbean Business in 2015<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">“<i style="mso-bidi-font-style: normal;">With the widening of the Panama Canal and
construction of a second canal in Nicaragua, a significant increase in trade
and investment can be expected in the Caribbean Basin. So, improving
competitiveness of local firms is imperative and this through the improved
competiveness of Greater Caribbean states</i>”. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In “<a href="http://bit.ly/1wV19N9">Doing Business in the Caribbean 2015: Who Cares</a>?”, I noted that “<i style="mso-bidi-font-style: normal;">9 of the top 12 highest ranked economies</i>” in the Latin America and
the Caribbean (LAC) region are located in the Greater Caribbean; as are “<i style="mso-bidi-font-style: normal;">3 of the lowest ranked economies in LAC</i>”.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">“<i style="mso-bidi-font-style: normal;">LAC is one of the regions</i> ‘<i style="mso-bidi-font-style: normal;">with the smallest share of economies
implementing regulatory reforms as captured by Doing Business</i>’ <i style="mso-bidi-font-style: normal;">and the Greater Caribbean not only has the most
capable states to effect this reform, but also the most deserving of states for
reform</i>”.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In this
article, I examine the status of Greater Caribbean States in “<a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf" target="_blank">Doing Business 2015: Going Beyond Efficiency</a>”, particularly with regard to the respective performance
indicators, and suggest a way forward. The states considered and their overall
ranks are as follows:<o:p></o:p></span></span></div>
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: rgb(242, 242, 242); border: 1pt solid windowtext; mso-background-themecolor: background1; mso-background-themeshade: 242; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Latin American States<o:p></o:p></span></span></b></div>
</td>
<td style="background: rgb(242, 242, 242); border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-background-themecolor: background1; mso-background-themeshade: 242; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Rank<o:p></o:p></span></span></b></div>
</td>
<td style="background: rgb(242, 242, 242); border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-background-themecolor: background1; mso-background-themeshade: 242; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Caribbean Island States<o:p></o:p></span></span></b></div>
</td>
<td style="background: rgb(242, 242, 242); border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-background-themecolor: background1; mso-background-themeshade: 242; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Rank<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Columbia<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">34<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Puerto Rico<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">47<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Mexico<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">39<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Jamaica<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">58<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Panama<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">52<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Trinidad &
Tobago<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">79<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Guatemala<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">73<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominican Republic<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">84<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Costa Rica<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">83<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Antigua &
Barbuda<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">89<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Honduras<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">104<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The Bahamas<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">97<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">El Salvador<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">109<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominica<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">97<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Belize<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">118<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">St. Lucia<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">100<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Nicaragua<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">119<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">St. Vincent &
the Grenadines<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">103<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Guyana<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">123<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Barbados<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">106<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Suriname<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">162<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">St. Kitts & Nevis<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">121<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Venezuela<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">182<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Grenada<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">126<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13; mso-yfti-lastrow: yes;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Haiti<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">180<o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
</div>
<a href="https://www.blogger.com/blogger.g?blogID=3267147557548060735" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3267147557548060735" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3267147557548060735" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3267147557548060735" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3267147557548060735" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3267147557548060735" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-family: "calibri";">The Greater
Caribbean region is ranked 99, out of the 189 nations examined in “<a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf" target="_blank">Going Business 2015</a>”. It should therefore be noted that 7 out of the 12 Latin
American states are below this rank; as well as 6 out of the 13 Caribbean
Island states.</span><br />
<div style="text-align: center;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQL5KFnKOmudWByF8mI_KcreDo0moQnkmSvGjf7wuEEhG2AYPthr4eKdoPVaMg5V2Gl4cSf3XJ23Isf0XoHSPcSgA6uk7weOYvb8n0aUO1IFS45TYZAMyWkAbWYtDaZIRZJ9DpcFcBcTP2/s1600/Greater+Caribbean+db15.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQL5KFnKOmudWByF8mI_KcreDo0moQnkmSvGjf7wuEEhG2AYPthr4eKdoPVaMg5V2Gl4cSf3XJ23Isf0XoHSPcSgA6uk7weOYvb8n0aUO1IFS45TYZAMyWkAbWYtDaZIRZJ9DpcFcBcTP2/s1600/Greater+Caribbean+db15.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div style="font-size: medium;">
<div style="text-align: left;">
<b><b><span style="font-family: "calibri";"><span style="color: #4f81bd; font-size: x-small;">Figure </span><span style="font-size: x-small;"><span style="color: #4f81bd;"><span style="mso-no-proof: yes;">1</span></span></span><span style="font-size: x-small;"><span style="color: #4f81bd;">: Global Competitiveness Map of the Greater Caribbean</span></span></span></b></b></div>
</div>
</td></tr>
</tbody></table>
</div>
<div style="text-align: center;">
<div style="text-align: left;">
<b><span style="font-family: "calibri";"><span style="font-size: x-small;"><span style="color: #4f81bd;"><br /></span></span></span></b></div>
</div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
</div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<br />
<br />
<br />
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><br /></span></span>
<span style="font-family: "calibri";"><span lang="EN-JM" style="mso-ansi-language: EN-JM;">The overall ranks are determined from evaluation across 10</span><span lang="EN-JM" style="background: white; color: black;"> </span><span style="background: white; color: black;">performance indicators, representing the 4 stages of the business cycle: namely, start-up, operation, expansion and insolvency. Figure 1 maps the performance of the Greater Caribbean region with regard to each of these indicators.</span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The points closer to the centre of the map represent indicators having better performance. The circle in dashed line represents the average rank of the region. So, points within the circle are indicators which have better-than-average rankings, and vice versa.</span></span></div>
</div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuPK-F76KJgdB52t5WNOSpgq__uF5R_I3MtmFNQWBeonOKwG1gd_nJe4veCHMCeu9V2nZ6xBXlCZm117WcGx9jZssU3QOclMgCl8XVSNaZbukD_ahlOpuOXij0EDg9GuPX7kRRHayDEoG-/s1600/Caribbean+vs+LatAm+db15.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="303" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuPK-F76KJgdB52t5WNOSpgq__uF5R_I3MtmFNQWBeonOKwG1gd_nJe4veCHMCeu9V2nZ6xBXlCZm117WcGx9jZssU3QOclMgCl8XVSNaZbukD_ahlOpuOXij0EDg9GuPX7kRRHayDEoG-/s1600/Caribbean+vs+LatAm+db15.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><b style="font-size: medium; text-align: left;"><b><span style="font-family: "calibri";"><span style="color: #4f81bd; font-size: x-small;">Figure </span><span style="font-size: x-small;"><span style="color: #4f81bd;"><span style="mso-no-proof: yes;">2</span></span></span><span style="font-size: x-small;"><span style="color: #4f81bd;">: Global Competitiveness Map – Latin American vs. Caribbean Island States</span></span></span></b></b></td></tr>
</tbody></table>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";"><br /></span><br />
<span style="background-color: white; font-family: "calibri";">Figure 2 maps the competitiveness of the Latin American (LatAm) versus Caribbean Island States. Three curves are illustrated: the LatAm States of the Association of Caribbean States (ACS) in magenta, and two curves in red denoting the Caribbean Islands.</span><br />
<div class="MsoCaption" style="margin: 0in 0in 10pt;">
<div style="text-align: center;">
<div style="text-align: left;">
<span style="background-color: white; font-family: "calibri";"><br /></span>
<span style="background-color: white; font-family: "calibri";">Curve in the
solid red line maps the competitiveness of the Caribbean Islands in “<a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf" target="_blank">Going Business 2015</a>” and curve in the dashed red line maps their competitiveness in
“<a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB14-Chapters/DB14-Mini-Report.pdf" target="_blank">Doing Business 2014</a>”. A comparison of both these curves indicates the global
deterioration of the islands’ competitiveness within the year.</span><b></b></div>
</div>
</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="background: white; color: black;"><span style="font-family: "calibri";">“Enforcing
Contracts” improved marginally from 123 to 120. Otherwise, there was a general deterioration
in the rankings across the remaining 9 out of 10 indicators shown. This is an
indictment against the islands for failing to effect reform necessary to
improve their standing.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In “<a href="http://blogs.iadb.org/caribbean-dev-trends/2015/01/29/jamaica-takes-leap-business-indicators-5-lessons-wider-caribbean/" target="_blank">Jamaica takes the Leap in DoingBusiness Indicators: 5 lessons for the Wider Caribbean</a>”, author Navita Anganu-Ramroop further emphasises that “…<i style="mso-bidi-font-style: normal;"> the competitiveness of nations are equally
important and necessary for the competitiveness of firms operating within the
country”.<o:p></o:p></i></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Currently,
the average overall rating for the islands is 99: the same as that of the
Greater Caribbean. The average overall rating for the LatAm states is
marginally worse at 100. The Greater Caribbean rank is better because there is
one more island in this grouping. But, the difference is really negligible.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In comparing
the current ratings for both sub-regions across the indicators shown in figure
2, it is obvious that the ratings are similar for 3 indicators: “Resolving
Insolvency”, “Enforcing Contracts”, and “Trading Across Borders”. Otherwise,
differences in ranking vary from 18 to 54 ranks.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The former
2 indicators have worse-than-average ratings. Both sub-regions also had worse-than-average
ratings for 2 other indicators: “Paying Taxes” and “Protecting Minority Investors”,
though the differences were marked in the latter. Only “Trading Across Borders”
had a better-than-average rating. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">But, both
sub-regions also had better-than-average ratings for 2 other indicators: “Getting
Electricity” and “Dealing with Construction Permits”. This means that the curve
of figure 1 is representative of sub-regional ranks across these 7 indicators:
3 better-than-average and 4 worse-than-average.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Later
analysis will show that the highest ranked states in the Greater Caribbean are
actually similar about 2 of these 3 remaining indicators: namely, “Starting a
Business” and “Getting Credit”. But, there is a distinct difference in “Registering
Property”.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">These
remaining indicators typically had one sub-region having worse-than-average rating
while the other sub-region had better-than-average. For “Starting a Business”, the
Greater Caribbean rating is actually border-line. But, LatAm ranked worse-than-average,
while the islands better-than-average.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><span style="mso-spacerun: yes;"> </span>Conversely, the islands had worse-than-average
ratings in the 2 remaining indicators: “Getting Credit”, and “Registering
Property”. But, LatAm states had better-than-average ratings. The ratings shown
in figure 1 therefore represent LatAm in the first instance and the islands in
the second.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">While most
will readily appreciate the importance of “Starting a Business” and “Getting
Credit” in doing business, “<i style="mso-bidi-font-style: normal;">the
significance of ‘Registering Property’ should not be underestimated</i>”.
Without this, owners cannot generate capital from their property.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><span style="mso-spacerun: yes;"> </span>Peruvian social scientist Hernando DeSoto
states that 80 per cent of the World is under-capitalised because of this. Using
Haiti as an example, he explained that the total assets held by its poor amount
to over 150 times all foreign investment made in that nation since its
independence in 1804.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">There is an
opportunity for respective sub-regions to improve their ranks in these 3 target
indicators through collaboration. LatAm states can assist the islands to
improve their ranks in “Getting Credit”, and “Registering Property”; while the
islands could reciprocate with regard to “Starting a Business”.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">There are 5
champion economies for “Starting a Business”. These economies and their
respective ranks in parenthesis, shown in descending rank, are: Jamaica [20],
Panama [38], Puerto Rico [48], Dominica [63], and Mexico [67].<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Similarly,
there are 5 champion economies for ‘Registering Property’ but none are islands.
”. These economies and their respective ranks in parenthesis, shown in
descending rank, are: Columbia [42], Costa Rica [47], El Salvador [56], Panama
[61], and Guatemala [65].<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">There are 7
champion economies for Getting Credit”. These economies and their respective
ranks in parenthesis, shown in descending rank, are: Columbia [2], Honduras
[7], Puerto Rico [7], Guatemala [12], Jamaica [12], Mexico [12], and Panama
[17].<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Considering
the 4 previous worse-than-average indicators, LatAm therefore has 5
below-average indicators in total, and the islands have 6. The worse of all is “Enforcing
Contracts” where only Mexico has a rank better than 70. International
assistance is therefore required to address this.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">There are
only 3 champion economies for “Paying Taxes”. These economies and their
respective ranks in parenthesis, shown in descending rank, are: Antigua [31],
Guatemala [54], and Belize [61].<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">There are 4
champion economies for “Protecting Minority Investors”. These economies and
their respective ranks in parenthesis, shown in descending rank, are: Columbia
[10], Antigua [35], Mexico [62], and Trinidad and Tobago [62].<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Finally,
there are 5 champion economies for Resolving Insolvency”, and all are islands.
These economies and their respective ranks in parenthesis, shown in descending
rank, are: Puerto Rico [7], Barbados [26], Jamaica [59], The Bahamas [60], and
Trinidad and Tobago [66].<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Besides
“Enforcing Contracts”, the Greater Caribbean can collaborate to improve its
performance in “Doing Business” indicators. In all, there are 15 champion
economies for the 25 states; and, with the exception of Mexico, none is
champion over more than 3 indicators.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Understandably,
the 6 states which are champion economies in 3 or more indicators also have the
highest overall ranks: namely, Columbia, Mexico, Puerto Rico, Panama, Jamaica,
and Guatemala. But, they are also champion economies in the 3 indicators otherwise
deemed “atypical” of the sub-regions.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">All are
champion economies in “Getting Credit”. Mexico, Puerto Rico, and Jamaica are champion
economies in “Starting a Business”; while Panama is champion economy in all 3.
Columbia and Guatemala are champions in “Registering Property”, for which there
is no island champion.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">This
selection of target “Doing Business” indicators and their respective “champion
economies” to provide capacity building assistance to needy states is actually the
model used by the <u>A</u>sia <u>P</u>acific <u>E</u>conomic <u>C</u>ooperation
[APEC]. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Their
“champion economies” are not only expected to share information and experience
with the others, but also undertake personalized diagnostic studies. APEC also
sets measurable targets with specific time-lines to facilitate the monitoring
and evaluation of performance.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">APEC’s 2009
“Doing Business” Action Plan, for example, sets the goal of making business 25
per cent cheaper, faster and easier by 2015; and, “… sustained engagement by
top government officials from every APEC member is needed to accelerate
progress towards the goals it has set for itself”.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">According
to “APEC: Sharing Goals and Experience” in <a href="http://bit.ly/19cMr1Z" target="_blank"><span style="font-family: "times new roman";">Doing Business 2013: Smarter Regulations for Small and Medium-Sized Enterprises</span></a>, there was already a
marked improvement of APEC’s member states relative to its non-APEC
contemporaries mid-way into this Action Plan.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">So, “<i style="mso-bidi-font-style: normal;">Other regional bodies can learn from this
model of capacity building</i>”, and ACS should take heed. Mexico is an APEC member-state
that has proven to be one of the ACS’ and by extension the Greater Caribbean’s top
performers. Other ACS states could likewise benefit.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">ACS needs
to implement APEC’s model to improve the regions’ global competitiveness. A
concerted effort needs to be made by the regions’ top governmental officials in
this regard. Otherwise, only a few states will benefit from future projected increase
in trade and investment. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">ACS needs
to act with alacrity. Cuba, which is an ACS member-state that has not been
evaluated in “Doing Business” but will likely see increased trade and
investment due to normalization of relations with USA, also stands to gain from
such regional collaboration.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">It cannot
be overemphasized that ultimately it is the local firms which operate within
the Greater Caribbean that stand to gain the most. But, their respective
governments need to act on their behalf and reform so that they can compete and
succeed in the global market place.<o:p></o:p></span></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><br /></span></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><br /></span></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2000007629395px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2000007629395px;"><br /></span></i></span>
<br />
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
Related articles:<br />
<br />
<br />
<a href="http://bit.ly/2BsasqZ">Doing Business in the Caribbean 2018: El Salvador Shines</a><br />
<span style="color: #0000ee; text-decoration-line: underline;"><br /></span>
<span style="color: #0000ee; text-decoration-line: underline;"><a href="http://bit.ly/2uKNBra" target="_blank">Doing Business in the Caribbean 2017: Central America Leads By Example</a></span><br />
<br />
<a href="https://bit.ly/1UULId9" target="_blank">Doing Business in the Caribbean 2016: Central America shows the way</a> </div>
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><b></b></span><br />
<a href="http://bit.ly/1wV19N9" style="font-family: Calibri; font-size: medium;">Doing Business in the Caribbean 2015: Who Cares</a><span style="font-family: "calibri"; font-size: small;">?</span></div>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"></span><br />
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1jytZFD" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform, part 2</a></span></span><br />
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><br /></span><a href="http://bit.ly/1gKbFHW" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform</a><br />
<br />
<a href="http://bit.ly/1kZxNpd" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif; font-size: 12px;"> </span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-24579189388216187122015-03-12T10:57:00.000-05:002018-02-01T08:58:29.502-05:00Doing Business in the Caribbean 2015: Who Cares?<div dir="ltr" style="text-align: left;" trbidi="on">
<u style="font-family: Calibri;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf" target="_blank">DoingBusiness 2015: Going Beyond Efficiency</a></span></u><span lang="EN-JM" style="mso-ansi-language: EN-JM;"> is the 12th in the series of long-standing co-publications
of the World Bank and International Financial Corporation which ranks the
global competitiveness of nations annually. In this publication, 189 economies were
assessed over the period 2013 to 2014.</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">32 of these
economies are within the Latin America and Caribbean (LAC) region. LAC and South
Asia “<i style="mso-bidi-font-style: normal;">remain the two regions with the
smallest share of economies implementing regulatory reforms as captured by
Doing Business</i>”. 13 of these economies are recorded as Caribbean States.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Doing
Business’ <u><a href="http://bit.ly/1yIBxPS" target="_blank">Regional Profile 2015: Caribbean States</a></u> records the average rank
of these states as being 99, which confirms that the Caribbean continues its
downward trajectory in the rankings: as the average rank was 90 in <u><a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB14-Chapters/DB14-Mini-Report.pdf" target="_blank">DoingBusiness 2014</a></u>, and 85 in <u><a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB13-full-report.pdf" target="_blank">Doing Business 2013</a></u>.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Like “<a href="http://bit.ly/1gKbFHW" target="_blank">Doing Business in the Caribbean 2014: CARIFORUM needs Reform</a>”, this article includes 3
additional states in Latin America which are members of CARIFORUM:
namely Belize, Guyana, and Suriname. The current and previous rankings of these
16 economies are shown in the table below. <o:p></o:p></span></span></div>
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background-color: transparent; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Caribbean Economies<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Population (Millions)<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Income (US $)<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">2013<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">2014<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">2015<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Puerto Rico (US)<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">3.6<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">19,210<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">41<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">40<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">47<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">CARIFORUM Economies<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">27.7<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">4,702<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">97<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">101<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">110<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">CARIFORUM SIDS<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">5.4<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">10,128<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">78<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">84<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">98<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Jamaica<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">2.7<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">5,220<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">90<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">94<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">58<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Trinidad<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">1.3<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">15,760<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">69<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">66<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">79<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Bahamas, The<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.4<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">23,489<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">77<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">84<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">97<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Barbados<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.3<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">15,373<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">88<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">91<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">106<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">OECS<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.7<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">8,714<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">76<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">84<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">106<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Antigua &
Barbuda<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.1<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">12,910<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">63<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">71<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">89<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominica<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.1<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">6,760<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">68<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">77<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">97<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 13;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">St. Lucia<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.2<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">7,090<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">53<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">64<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">100<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 14;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">St. Vincent &
the Grenadines<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.1<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">6,580<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">75<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">82<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">103<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 15;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">St. Kitts &
Nevis<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.1<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">13,330<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">96<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">101<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">121<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 16;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Grenada<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.1<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">7,110<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">100<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">107<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">126<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 17;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 18;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span style="font-family: "calibri";"><b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;">CARIFORUM Non-SIDS</span></b><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">22.3<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">3,388<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">135<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">135<o:p></o:p></span></span></b></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">133<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 19;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominican Republic<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">10.4<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">5,620<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">116<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">117<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">84<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 20;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Belize<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.3<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">4,660<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">105<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">106<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">118<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 21;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Guyana<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.8<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">3,410<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">114<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">115<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">123<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 22;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Suriname<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">0.5<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">9,260<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">164<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">161<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">162<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 23; mso-yfti-lastrow: yes;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 130.2pt;" valign="top" width="174"><div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Haiti<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 107.05pt;" valign="top" width="143"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">10.3<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 100.45pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">810<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 50.3pt;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">174<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 47.35pt;" valign="top" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">177<o:p></o:p></span></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt; width: 43.45pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; text-align: right;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">180<o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
</div>
<span style="font-family: "calibri";">Only
Jamaica and the Dominican Republic improved in rank for the year under
assessment. Even Puerto Rico – the only non-CARIFORUM state – fell in the rankings,
but remains the highest ranked economy within the Caribbean. Trinidad and
Tobago also fell in rank, but remains third highest in the region.</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Puerto Rico
ranked 5<sup><span style="font-size: x-small;">th</span></sup> in LAC, Jamaica 7<sup><span style="font-size: x-small;">th</span></sup>, Trinidad and Tobago 9<sup><span style="font-size: x-small;">th</span></sup>,
and the Dominican Republic 12<sup><span style="font-size: x-small;">th</span></sup>. In “<a href="http://blogs.iadb.org/caribbean-dev-trends/2015/01/29/jamaica-takes-leap-business-indicators-5-lessons-wider-caribbean/" target="_blank">Jamaica takes the Leap in DoingBusiness Indicators: 5 lessons for the Wider Caribbean</a>”, author Navita
Anganu-Ramroop laments that:<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">“<i style="mso-bidi-font-style: normal;">Not all countries are bothered by the
rankings, and therefore not all countries make a concerted effort to change and
attempt to improve same, failing to realize that the competitiveness of nations
are equally important and necessary for the competitiveness of firms operating
within the country”.<o:p></o:p></i></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The above table
also records current and previous average ranks for CARIFORUM states, and the downward
trajectory in ranking is again evident. This fall in rank is predominantly the
result of so few “<i style="mso-bidi-font-style: normal;">economies implementing
regulatory reforms as captured by Doing Business</i>”. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">This is not
the case for Trinidad and Tobago, which was one of the 10 global economies that
made the most reforms. Even economies that make many reforms can fall in rank:
how much more those which make only a few. The world simply will not stand still
for these economies to catch up.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Besides
Puerto Rico, the table records the average ranks for 10 other small island developing
states (SIDS) in CARIFORUM, such as Trinidad and Tobago, and 5 non-SIDS, such
as the Dominican Republic. CARIFORUM SIDS also comprise 6 Organisation of
Eastern Caribbean States (OECS).<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The average
rank of the OECS fell below the larger SIDS for the year. Not a single OECS economy
improved in rank. In <u><a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB14-Chapters/DB14-Mini-Report.pdf" target="_blank">Doing Business 2014</a></u>, St. Lucia was the highest
ranked economy in CARIFORUM and 2<sup><span style="font-size: x-small;">nd</span></sup> in the Caribbean, but has now been
supplanted by Jamaica.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In ‘’<a href="http://bit.ly/1gKbFHW" target="_blank">Doing Business in the Caribbean 2014: CARIFORUM needs Reform</a>”, I also mentioned that the
CARIFORUM non-SIDS - Dominican Republic, Haiti, and Suriname - had the three
lowest ranks in the Caribbean, but the Dominican Republic’s Economy Ministry
had started a “<i style="mso-bidi-font-style: normal;">Competitiveness Project</i>”.
<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominican
Republic’s improvement in rank from 117 to 84 makes it the 4<sup><span style="font-size: x-small;">th</span></sup> highest
ranked economy in the Caribbean, and 3<sup><span style="font-size: x-small;">rd</span></sup> in CARIFORUM. It is solely responsible
for the improvement in average rank for CARIFORUM non-SIDS in <u><a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf" target="_blank">Going Business 2015</a></u>.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Although a
regional effort at capacity building under CARIFORUM had been proposed, it was stated
in “<a href="http://bit.ly/1jytZFD" target="_blank">...CARIFORUM Needs Reform, part 2</a></span></span><span style="font-family: "calibri";">“ that “</span><i style="mso-bidi-font-style: normal;">international
assistance may also be required for non-SIDS</i><span style="font-family: "calibri";">” to address capacity building. This has had significant benefits for the Dominican Republic.</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In that
article, it was further stated that there was a problem dealing with non-SIDS
as a unit. “<i style="mso-bidi-font-style: normal;">Their present amorphous
nature especially with regard to language and institutions makes this
difficult. Probably when other states with like backgrounds join CARIFORUM,
this may be resolved</i>”. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In
hindsight, this statement is unfortunate. It would require non-SIDS to forego
regional assistance until CARIFORUM membership improved. It completely ignored
that states, like the Dominican Republic, could immediately benefit from involvement
in a wider Caribbean regional body.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">From Doing
Business’ <u><a href="http://www.doingbusiness.org/reports/~/media/GIAWB/Doing%20Business/Documents/Profiles/Regional/DB2015/DB15-Latin-America-and-Caribbean.pdf" target="_blank">Regional Profile 2015: Latin America and the Caribbean (LAC)</a></u>,
the average rank for LAC is 100. However, this data-set includes economies of
the Caribbean States. Without them, the average rank for Latin America alone
falls to approximately 101.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">This is
slightly below the average rank for the Caribbean in Doing Business’ <u><a href="http://bit.ly/1yIBxPS" target="_blank">Regional Profile 2015: Caribbean States</a></u>. But without Puerto Rico, the average rank
for CARIFORUM economies (less the 3 Latin American States) is 103: slightly
below the average rank of Latin America.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Again in ‘’<a href="http://bit.ly/1gKbFHW" target="_blank">Doing Business in the Caribbean 2014: CARIFORUM needs Reform</a>”, I proposed using the <u>A</u>sia-<u>P</u>acific
<u>E</u>conomic <u>C</u>ooperation (APEC) as a model for CARIFORUM to address the falling performance in “Doing Business”. But, this could also be
implemented by a wider Caribbean regional body.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">3 Latin
American nations are members of APEC: namely, Peru, Mexico, and Chile. These
economies ranked 35, 39, and 41 respectively in <u><a href="http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf" target="_blank">Doing Business 2015</a></u>,
which is superior to the Caribbean economies: though Mexico is located in the
Greater Caribbean.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">LAC has a
number of regional groupings that could undertake the reform needed in “Doing
Business”. However, the Association of Caribbean States (ACS) stands out,
primarily because it is focused on the Caribbean Basin.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">According
to their website, the convention establishing the ACS “<i style="mso-bidi-font-style: normal;">was signed on 24 July 1994 in Cartagena de Indias, Columbia, with the
aim of promoting consultation, cooperation and concerted action among all the
countries of the Caribbean”.</i><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">One of
their concerns is “<i style="mso-bidi-font-style: normal;">Trade and Economic
External Relations. The ACS provides a framework for the dialogue and activity
necessary to further advance economic integration and intra-regional trade and
investment, thereby improving the economic competitiveness of the Greater
Caribbean region”.</i><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">15 of its
25 member states are CARIFORUM members. Cuba is one other member, and 8
Caribbean Overseas Territories are associate members. Neither is ranked in
“Doing Business”. But, ACS member states Columbia and Mexico are ranked 1<sup><span style="font-size: x-small;">st</span></sup>
and 3<sup><span style="font-size: x-small;">rd</span></sup> respectively in LAC.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Considering
that other member states Panama, Guatemala and Costa Rica are ranked 6<sup><span style="font-size: x-small;">th</span></sup>,
8<sup><span style="font-size: x-small;">th</span></sup> and 11<sup><span style="font-size: x-small;">th</span></sup> respectively in LAC, the Greater Caribbean has
9 of the top 12 highest ranked economies in LAC: 8 being ACS member states, and
3 CARIFORUM member states.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Regrettably,
ACS member states also comprise 3 of the lowest ranked economies in LAC: namely
Suriname, Haiti and Venezuela, which have ranks of 162, 180 and 184
respectively. So, the largest discrepancy in ranks within LAC also occurs in
the Greater Caribbean.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">With the
widening of the Panama Canal and construction of a second canal in Nicaragua, a
significant increase in trade and investment can be expected in the Caribbean
Basin. So, improving competitiveness of local firms is imperative and this
through the improved competitiveness of Greater Caribbean states. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">LAC is one
of the regions “<i style="mso-bidi-font-style: normal;">with the smallest share
of economies implementing regulatory reforms as captured by Doing Business</i>”
and the Greater Caribbean not only has the most capable states to effect this
reform, but also the most deserving of states for reform.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The
indifference to reform should not be allowed to further deteriorate performance
in “Doing Business”. CARIFORUM cannot address reform of its non-SIDS member
states, and these states cannot reasonably be expected to await capacity
building within CARIFORUM itself.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">ACS seems
to be the regional body most able to facilitate this reform in the shortest
order, and time really is of the essence if the Greater Caribbean is to
capitalize on expected benefits from increased investment and trade within the
Basin.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Does anyone
care that the Greater Caribbean needs reform? Is anyone willing to spearhead
this reform? It is hoped someone will take up this mantle and run with it. It
is of no comfort that greater trade is expected in the Greater Caribbean if its
economies are ill prepared to benefit from it.<o:p></o:p></span></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><br /></span></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><br /></span></span>
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><i><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2000007629395px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><br /></span></span>
<br />
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
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<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<br />
<a href="http://bit.ly/2BsasqZ">Doing Business in the Caribbean 2018: El Salvador Shines</a><br />
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<br />
<a href="https://bit.ly/1UULId9" target="_blank">Doing Business in the Caribbean 2016: Central America shows the way</a><br />
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<span style="font-family: "verdana" , sans-serif; font-size: x-small;"><a href="http://bit.ly/1Gj1nRA">Greater Caribbean Business in 2015</a></span><br />
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<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1jytZFD" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform, part 2</a></span></span><br />
<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><br /></span>
<a href="http://bit.ly/1gKbFHW" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform</a><br />
<br />
<a href="http://bit.ly/1kZxNpd" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif; font-size: 12px;"> </span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-43010955770754460402014-12-23T21:06:00.000-05:002020-03-07T14:42:44.048-05:00Healthcare in the Caribbean<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The World
Health Organization (WHO) published a ranking of global healthcare systems in
their <u><a href="http://www.who.int/whr/2000/en/" target="_blank">World Health Report 2000</a></u>. According to an article in the June 29,
2012 edition of the <u>Business Insider</u> entitled “<a href="http://www.businessinsider.com/best-healthcare-systems-in-the-world-2012-6?op=1" target="_blank">These are 36 CountriesThat Have Better Healthcare Than The US</a>”:<i style="mso-bidi-font-style: normal;"><o:p></o:p></i></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "calibri";"><i style="mso-bidi-font-style: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="mso-spacerun: yes;"> </span></span></i><span lang="EN-JM" style="mso-ansi-language: EN-JM;">“<i style="mso-bidi-font-style: normal;">So
controversial were the results that the WHO declined to rank countries in their
<u>World Health Report 2010</u>...”. </i><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">WHO’s 2000
report ranked the eastern Caribbean nation of Dominica at 35, which made it one
of those countries that had better healthcare than the United States, which was
ranked 37. This was even more impressive considering that US per capita
expenditure on healthcare was ranked 1 and Dominica 70.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">WHO’s 2000
report also introduced an indicator called DALE: <u>D</u>isability-<u>A</u>djusted
<u>L</u>ife <u>E</u>xpectancy. DALE combined mortality data with the health and
disability status of populations to determine an equivalent number of years in
which life was expected to be in full health.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In that
report, the US had a DALE rank of 24, which exceeded that of Dominica, at 26.
Cuba had a DALE rank of 33, and Jamaica ranked 36. Health expenditures per
capita for the latter two were ranked 39 and 89 respectively.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In <u>Competitiveness
In Small Developing Economies: Insights From The Caribbean</u>, Professor Alvin
G. Wint – former head of the Department of Management Studies at the University
of the West Indies, Mona – dedicated an entire chapter to healthcare in
Jamaica.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Referring
to Jamaica’s ranks for DALE and per capita health expenditure, Prof. Wint
stated that: <i style="mso-bidi-font-style: normal;">“Jamaica has the
second-largest (positive) gap (of 53 ranks) between its DALE ranking and its
per capita health expenditure among all 191 WHO member countries”</i>.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In fact, 9
out of the 16 Caribbean WHO member states had DALE ranks of at least 57, which
put them in the top third of all the global healthcare systems ranked. So, the
Caribbean does have a distinguished reputation to preserve in healthcare delivery.
<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">However,
WHO’s discontinuation of its overall health system performance ranking has made
evaluating performance of one system against another and one period over
another very difficult. Nevertheless, some very useful observations can still
be made without this ranking. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">For this purpose,
reference is made to <a href="http://www.who.int/gho/publications/world_health_statistics/2012/en/" target="_blank">WHO’s 2012 world health statistics</a>, which is its most current
data. DALE is now referred to as HALE: an acronym for <u>H</u>ealth <u>A</u>djusted
<u>L</u>ife<u> E</u>xpectancy; and, per capita healthcare expenditure at
purchasing power parity (PPP) is taken for the year 2011.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Globally,
HALE is 61.7 years for males and females, but 67.1 years in the “Americas”: the
region in which the Caribbean has been grouped. Global health expenditure per
capita (PPP) was Int. $ 1,055.20 in 2011, as against Int. $3,540.80 in the
“Americas”. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In
recognition of the link between healthcare performance and income level, WHO ‘s
country data is disaggregated into four income levels: high, upper-middle,
lower-middle, and low-income. The HALE and health expenditure per capita for
the 16 Caribbean WHO member states is shown in the table below. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
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<tr height="20" style="height: 15pt;">
<td class="xl64" colspan="2" height="20" style="background-color: transparent; border: 0px black; height: 15pt; width: 155pt;" width="206"><strong><span style="font-family: "calibri";">WHO
Data -<span style="mso-spacerun: yes;"> </span></span></strong></td>
<td class="xl70" colspan="3" style="background-color: transparent; border: 0px black; width: 144pt;" width="192"><strong><span style="font-family: "calibri";">Healthy Life
Expectancy, 2012<span style="mso-spacerun: yes;"> </span></span></strong></td>
<td class="xl70" colspan="3" style="background-color: transparent; border: 0px black; width: 144pt;" width="192"><strong><span style="font-family: "calibri";">Health Expenditure,
2011</span></strong></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td class="xl70" colspan="3" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";">Per Capita Exp. (PPP int. $)</span></strong></td>
</tr>
<tr height="20" style="height: 15pt;">
<td class="xl63" height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><strong><span style="font-family: "calibri";">Country</span></strong></td>
<td class="xl63" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";">Income</span></strong></td>
<td class="xl64" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";"> Male</span></strong></td>
<td class="xl64" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";"> Female</span></strong></td>
<td class="xl64" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";"> Both</span></strong></td>
<td class="xl64" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";"> Gov't</span></strong></td>
<td class="xl64" style="background-color: transparent; border: 0px black;"> <strong><span style="font-family: "calibri";">Private</span></strong></td>
<td class="xl64" style="background-color: transparent; border: 0px black;"><strong><span style="font-family: "calibri";"> Total</span></strong></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Antigua & Barbuda</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">High</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">64</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">652.55</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">408.40</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,060.95</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Bahamas</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">High</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">62</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">67</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">64</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,157.01</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,167.70</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">2,324.71</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Barbados</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">High</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">64</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">69</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,024.60</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">425.13</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,449.73</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td height="21" style="background-color: transparent; border: 0px black; height: 15.75pt;"><span style="font-family: "calibri";">Trinidad & Tobago</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">High</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">58</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">64</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">61</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">740.63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">629.70</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,370.33</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="background-color: #f2f2f2; border-color: windowtext black windowtext windowtext; border-style: solid none solid solid; border-width: 1pt 0px 1pt 1pt; height: 15.75pt;"><strong><span style="font-family: "calibri";">Regional Avg.</span></strong></td>
<td class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">High</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">67</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">72</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">70</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">3,239.60</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">1,077.50</span></strong></td>
<td align="right" class="xl69" style="background-color: #f2f2f2; border-color: windowtext windowtext windowtext black; border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px;"><strong><span style="font-family: "calibri";">4,317.10</span></strong></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Cuba</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">65</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">69</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">67</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">406.98</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">52.84</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">459.82</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Dominica</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">61</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">65</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">535.80</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">222.41</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">758.21</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Dominican Republic</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">65</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">67</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">260.99</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">260.24</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">521.23</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Grenada</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">60</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">333.12</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">360.64</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">693.76</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">St. Kitts</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">61</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">374.86</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">671.49</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">1,046.35</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">St. Lucia</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">60</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">325.95</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">534.04</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">859.99</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">St. Vincent</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">61</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">65</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">435.47</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">83.65</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">519.12</span></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Suriname</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">68</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">287.62</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">215.93</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">503.55</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td height="21" style="background-color: transparent; border: 0px black; height: 15.75pt;"><span style="font-family: "calibri";">Jamaica</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Upper-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">62</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">64</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">211.97</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">182.95</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">394.92</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="background-color: #f2f2f2; border-color: windowtext black windowtext windowtext; border-style: solid none solid solid; border-width: 1pt 0px 1pt 1pt; height: 15.75pt;"><strong><span style="font-family: "calibri";">Regional Avg.</span></strong></td>
<td class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">Upper-Mid</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">64</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">68</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">66</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">360.70</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">225.70</span></strong></td>
<td align="right" class="xl69" style="background-color: #f2f2f2; border-color: windowtext windowtext windowtext black; border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px;"><strong><span style="font-family: "calibri";">586.40</span></strong></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"><span style="font-family: "calibri";">Belize</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Lower-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">61</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">66</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">63</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">283.39</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">150.17</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">433.56</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td height="21" style="background-color: transparent; border: 0px black; height: 15.75pt;"><span style="font-family: "calibri";">Guyana</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Lower-Mid</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">52</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">57</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">55</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">182.27</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">34.29</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">216.56</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="background-color: #f2f2f2; border-color: windowtext black windowtext windowtext; border-style: solid none solid solid; border-width: 1pt 0px 1pt 1pt; height: 15.75pt;"><strong><span style="font-family: "calibri";">Regional Avg.</span></strong></td>
<td class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">Lower-Mid</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">56</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">58</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">57</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">60.00</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">104.20</span></strong></td>
<td align="right" class="xl69" style="background-color: #f2f2f2; border-color: windowtext windowtext windowtext black; border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px;"><strong><span style="font-family: "calibri";">164.20</span></strong></td>
</tr>
<tr height="20" style="height: 15pt;">
<td height="20" style="background-color: transparent; border: 0px black; height: 15pt;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
<td class="xl67" style="background-color: transparent; border: 0px black;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td height="21" style="background-color: transparent; border: 0px black; height: 15.75pt;"><span style="font-family: "calibri";">Haiti</span></td>
<td style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">Low</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">50</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">53</span></td>
<td align="right" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">52</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">40.96</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">60.01</span></td>
<td align="right" class="xl67" style="background-color: transparent; border: 0px black;"><span style="font-family: "calibri";">100.97</span></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="background-color: #f2f2f2; border-color: windowtext black windowtext windowtext; border-style: solid none solid solid; border-width: 1pt 0px 1pt 1pt; height: 15.75pt;"><strong><span style="font-family: "calibri";">Regional Avg.</span></strong></td>
<td class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">Low</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">52</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">54</span></strong></td>
<td align="right" class="xl66" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">53</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">26.60</span></strong></td>
<td align="right" class="xl68" style="background-color: #f2f2f2; border-color: windowtext black; border-style: solid none; border-width: 1pt 0px;"><strong><span style="font-family: "calibri";">38.50</span></strong></td>
<td align="right" class="xl69" style="background-color: #f2f2f2; border-color: windowtext windowtext windowtext black; border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px;"><strong><span style="font-family: "calibri";">65.10</span></strong></td>
</tr>
</tbody></table>
</o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Cuba
continues to excel. But, Dominica and Jamaica have not fared as well. Jamaica’s
HALE now exceeds that of Dominica; and HALEs in Barbados, Dominican Republic,
and Suriname now exceed that of Jamaica, even though they were ranked 53, 79
and 77 respectively in 2000.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Guyana and
Haiti remain two of the Caribbean’s worst performers with regard to HALE. The
Bahamas, which was formally the other poor performer, has significantly improved
its performance, and has subsequently been replaced by Trinidad and Tobago.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Regional
averages for the respective income levels of the “Americas” are also shown for
comparison in the table above. Regional averages for HALE show a distinct
improvement with successive increases in income level, but this pattern is only
distinct up to the upper middle-income level for the Caribbean.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Except in
the upper middle-income Organization of Eastern Caribbean States (OECS) of
Dominica, Grenada, Saint Kitts, Saint Lucia, and Saint Vincent, HALEs in the
remaining upper middle-income Caribbean states either equal or exceed that of
the high-income ones.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dependent Caribbean
high-income overseas territories are not listed in WHO data. So, a comparison
of their performance to these upper middle-income states is not possible. But,
the middle-income OECS outperformed Trinidad and Tobago which, with the
exception of St. Kitts, was also the case in 2000. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">HALEs in
the Caribbean are typically lower than wider regional averages. The only
exceptions are Cuba, Dominican Republic and Suriname in the upper-middle income
category and Belize in the lower-middle income category. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">But, health
expenditures per capita are typically lower. Excluding Saint Vincent, this is
not the case in the remaining upper middle-income OECS, nor is it the case in the
lower-middle income and low-income states. Their per capita healthcare
expenditures exceed their respective regional averages.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
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</v:shape><![endif]--><!--[if !vml]--><!--[endif]--><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">In the high-income category, Antigua
and Barbuda had the lowest healthcare expenditure per capita and the Bahamas
the highest, although both have the same HALE. In the upper middle-income
category, Jamaica has the lowest healthcare expenditure per capita and St.
Kitts the highest.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">This
pattern of lower HALE and per capita health expenditure is characteristic of
global performance versus that of the “Americas”. Data from the table was
therefore plotted against that of the global average, and is shown in the
figure below.</span></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"></span></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixyx85Mi1uskJsHGTXigKM96W21CON3GxrToYKgjnOGsW1BVGWlLrrmH4ITAiOtjo6u8cXzSgfvTwZEm7i89cTUYhGV41yXOpvo4ciSawC7-yY5ZFxpurfVM8QnuveGjer7oXXFKA34HyO/s1600/HALE+vs+Health+Expenditure.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Caribbean HALE vs Expenditure" border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixyx85Mi1uskJsHGTXigKM96W21CON3GxrToYKgjnOGsW1BVGWlLrrmH4ITAiOtjo6u8cXzSgfvTwZEm7i89cTUYhGV41yXOpvo4ciSawC7-yY5ZFxpurfVM8QnuveGjer7oXXFKA34HyO/s1600/HALE+vs+Health+Expenditure.jpg" title="Caribbean Healthy Life Expectancy vs Expenditure" width="395" /></a></div>
<a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;" unselectable="on"></a><a href="https://www.blogger.com/" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;" unselectable="on"></a><br /></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The box is
divided into quadrants. The horizontal line represents the global average HALE,
and the vertical line represents the global average health expenditure per
capita. Therefore, the point at the intersection of these lines is the global
average for HALE and health expenditure per capita.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Points
above the horizontal line represent HALEs higher than the global average.
Points to the left of the vertical line represent health expenditures per
capita lower than the global average; and vice versa. So, the quadrants represent
four distinct conditions.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The top
left, occupied by 11 states, indicates that their HALEs equal or exceed the global
average and their per capita health expenditures are lower than the global
average. The top right, occupied by Barbados and The Bahamas, indicates their
HALEs and per capita health expenditures are higher.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The bottom
left, occupied by Guyana and Haiti, indicates their HALEs and per capita
expenditures are lower. The bottom right, occupied by Trinidad and Tobago,
indicates that its HALE is also lower, but its per capita expenditure is higher
than the global average.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">It is now
obvious that most Caribbean states have higher than average healthy life
expectancies, though at various efficiencies. As stated before, Haiti, Guyana,
and Trinidad and Tobago are the worst performers; and Cuba is the best. But, the
other states can be organized into three HALE groups. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominica,
Grenada, St. Kitts, St. Lucia, St. Vincent, and Belize all have HALEs of 63,
with Belize being the most efficient, with the lowest per capita health
expenditure, and St. Kitts the least. Belize is the only lower middle-income
economy in this group of otherwise upper middle-income OECS.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Antigua and
Barbuda, the Bahamas, and Jamaica all have HALEs of 64, with Jamaica being the
most efficient and The Bahamas the least. As before, Jamaica is the only upper
middle-income state in this group of otherwise high-income states.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Finally,
Barbados, Dominican Republic, and Suriname all have HALEs of 66, with Suriname
being slightly more efficient than the Dominican Republic, and Barbados the least
efficient: Barbados being the only high income state in this group of otherwise
middle-income states.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">For these
groups, the trend is for the state (or states) from the lower-income category
to be the most efficient at using its health expenditure. But, it is remarkable
that the Dominican Republic, Suriname, Barbados and the Bahamas have transformed
their systems in the 12 years following their ranking.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">It would
have been instructive to examine how these four managed this achievement. Instead,
reference is made to Professor Wint’s findings on Jamaica from the WHO’s 2000
report, which states: <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">“...Jamaica’s health system has performed
relatively well, and is reasonably competitive, because the structure of the
health system places a greater emphasis on primary care than systems that are
more driven by a hospital and secondary/tertiary care focus.”<o:p></o:p></span></span></i></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">This flies
in the face of Caribbean ambitions to offer Medical Tourism, with its emphasis
on systems driven by a hospital and secondary/tertiary care focus; and
indicates that the Caribbean’s lower per capita health expenditures might not
translate into a competitive advantage in Medical Tourism.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">The
Caribbean has also not performed favourably, in comparison with other nations
in the “Americas”, with regard to healthy life expectancy. So, Caribbean
governments in general need to improve their respective healthcare systems.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">They need
to prioritize healthcare delivery to their own populace and leave diversification
of healthcare services to the private sector and, better yet, to foreign direct
investment. Otherwise, how will the local healthcare system improve, and who else
will drive this improvement? <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";">Dominica has
already proven that it is possible to have better healthcare than the US with
better use of the resources available in the Caribbean. So, why should we be
content with simply being above the global average? We have the potential for
much better.<o:p></o:p></span></span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><br /></span></span>
<span style="font-family: "calibri";"><br /></span>
<span style="font-family: "calibri";">Related:</span><br />
<span lang="EN-JM" style="mso-ansi-language: EN-JM;"><span style="font-family: "calibri";"><a href="http://bit.ly/1G1uHsJ" target="_blank">Prospects for Medical Tourism in Jamaica</a></span></span></div>
</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com1tag:blogger.com,1999:blog-3267147557548060735.post-80976554559006012902014-05-23T12:10:00.001-05:002018-02-01T08:59:26.688-05:00Doing Business in the Caribbean 2014: CARIFORUM needs Reform, part 2<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
The article “Growth to Accelerate in Latin
America and the Caribbean ...”, in the <u><a href="http://bit.ly/LC78iN" target="_blank">Annual World Economic Situation andProspects 2014</a></u> report of the UN Department of Economic and Social Affairs
(UNDESA), indicates that Haiti and the Dominican Republic will lead the
Caribbean in growth by 2015.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-JM">The global
competitiveness of both from 2012 to 2013 are recorded in <u><a href="http://bit.ly/1mIKq8Y" target="_blank">Doing Business2014 – Regional Profile: Caribbean States</a></u>, a co-publication of the World
Bank and International Financial Corporation, which also records the global competitiveness
of eleven other Caribbean islands. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Except for
Puerto Rico, all these islands are members of the Caribbean Forum (CARIFORUM);
and beside Haiti and the Dominican Republic, all are Small Island Developing
States (SIDS). In comparing SIDS to non-SIDS, <a href="http://bit.ly/1gKbFHW" target="_blank">part 1</a> of this article indicated that
non-SIDS performed worse in <u><a href="http://bit.ly/1mIKq8Y" target="_blank">Doing Business 2014</a></u>.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The region was
ranked 90, of the 189 nations examined. Ten</span><span lang="EN-JM" style="background: white;"> </span><span style="background: white;">indicators, across the four stages of the business
cycle (i.e. start-up, operation, expansion and insolvency), were evaluated to determine
ranks. Figure 1 maps the performance of the Caribbean, and Haiti in particular,
across these indicators. </span><span lang="EN-JM"><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="background: white;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5q8Zc4AB7v_7X51NA6uTXyxdFx7yHwROFA7w9QAjKzLzdSq2LlmpwzFeKH1ufslI8Q2ciNOaQtjuzMVeA_kjb5iy4CMw_VJ4SCu-BWFMqt8jdiVeUJEFcADKqJ7-uhpHYszV01391nRru/s1600/db14.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img alt="db14.jpg" border="0" height="303" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5q8Zc4AB7v_7X51NA6uTXyxdFx7yHwROFA7w9QAjKzLzdSq2LlmpwzFeKH1ufslI8Q2ciNOaQtjuzMVeA_kjb5iy4CMw_VJ4SCu-BWFMqt8jdiVeUJEFcADKqJ7-uhpHYszV01391nRru/s1600/db14.jpg" title="Global Competitiveness of the Caribbean" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: x-small; text-align: left;">Figure </span><span style="font-size: x-small; text-align: left;">1</span><span style="font-size: x-small; text-align: left;">: Global Competitiveness Map of the Caribbean</span></td></tr>
</tbody></table>
<div class="MsoNormal" style="page-break-after: avoid;">
Points
closer to the centre indicate better performance. Hence, Haiti which has an
overall rank of 177 performed worse in eight of these indicators when compared
to the Caribbean region, which has the higher rank. But, it should be noted
that performance in each indicator varies about the overall rank.</div>
<div class="MsoNormal" style="page-break-after: avoid;">
<br /></div>
<div class="MsoNormal">
<span lang="EN-JM">To improve
on overall rank, it stands to reason that the worse indicators need to be
addressed as a priority. For the Caribbean, priority indicators starting from the
worst seem to be: registering property [143], enforcing contracts [123], resolving
insolvency [106], paying taxes [104], and getting credit [102].<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">As a point
of interest, “Getting Credit” is not a priority indicator for Puerto Rico, and
Trinidad and Tobago, which have the two highest overall ranks in the Caribbean.
Puerto Rico, with the highest overall rank, also has the highest rank in this
indicator at 13: followed by Trinidad and Tobago at 28.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">When considering
only CARIFORUM member states rather than islands of the regional profile, there
are marked differences. The priority indicators for the SIDS group do not
change, but their order of priority does. For the non-SIDS group, both their priority
indicators and order of priority change significantly.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Figure 2
maps the global competitiveness of CARIFORUM SIDS versus non-SIDS. The SIDS
group does not include Puerto Rico, and the non-SIDS group includes Guyana,
Suriname and Belize - CARIFORUM member states – which were not included in the
regional profile. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilylcvPRdClr66Y0-Pfd7lCgeTQk4ewCRJB2l-ZggCmiuTkNQ8no2OPz_RLIhgNIQ28t7ZKaNOmrYWy5ObG29QxYQeafMF1pfjVakqoMWNfEcGa26RnADnvMd3NHCBiDG-G2G-w-MAwfS4/s1600/db14r1.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img alt="db14r1" border="0" height="303" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilylcvPRdClr66Y0-Pfd7lCgeTQk4ewCRJB2l-ZggCmiuTkNQ8no2OPz_RLIhgNIQ28t7ZKaNOmrYWy5ObG29QxYQeafMF1pfjVakqoMWNfEcGa26RnADnvMd3NHCBiDG-G2G-w-MAwfS4/s1600/db14r1.jpg" title="Global Competitiveness Map of the Caribbean - SIDS vs non-SIDS" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: x-small; text-align: left;">Figure </span><span style="font-size: x-small; text-align: left;">2</span><span style="font-size: x-small; text-align: left;">: Global Competitiveness Map of the Caribbean - SIDS vs. non-SIDS</span></td></tr>
</tbody></table>
<div class="MsoNormal">
The overall
rank for SIDS is 84. The priority indicators starting from the worst are:
registering property [147], enforcing contracts [132], getting credit [105], resolving
insolvency [101], and paying taxes [100]. Of note, the ranks of the first three
priority indicators are worse than they were for the regional profile.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-JM">The overall
rank for non-SIDS is 135. In this case, the priority indicators are: starting
business [155], getting credit [144], registering property [136], resolving
insolvency [135], and protecting investors [132]. “Enforcing Contracts” and “Paying
Taxes” are not priority indicators for non-SIDS.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Nevertheless,
international assistance is needed to address “Registering Property”,
“Enforcing Contracts”, and “Getting Credit”. In the former, Guyana ranked
highest at 111. Only Antigua and Barbuda was higher than 81 in the next; and,
only Trinidad and Tobago was higher than 86 in the latter.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The
importance of “Enforcing Contracts” is self evident: especially when
considering foreign direct investment. Which foreign enterprise is going to
invest in an unfamiliar location where enforcing contracts is known to be a
problem?<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">However, the
significance of “Registering Property” should not be underestimated. According
to Peruvian social scientist Hernando DeSoto, eighty per cent of the World is
under-capitalised because property owners cannot generate capital from their assets.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Using Haiti
as an example, DeSoto stated that the total assets held by its poor amount to over
150 times all foreign investment made in that nation since its independence in
1804. This is particularly alarming when considering that Haiti’s rank in this
indicator is better than the average Caribbean state.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">But, it is incomprehensible
that “Getting Credit” is a priority indicator for SIDS, when so many of these
states have developed reputations as international financial centres. Is this
due to underdeveloped capital markets, an absence of credit bureaus, or do we
not consider local businesses acceptable risks?<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The remaining
priority indicators can be addressed using the model of the Asia-Pacific
Economic Cooperation (APEC). As mentioned in <a href="http://bit.ly/1gKbFHW" target="_blank">part 1</a>, APEC is a forum committed
to the liberalization of trade and investment, business facilitation, and
economic and technical cooperation.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">According
to “APEC: Sharing Goals and Experience” in <u><a href="http://bit.ly/19cMr1Z" target="_blank">Doing Business 2013: SmarterRegulations for Small and Medium-Sized Enterprises</a></u>, APEC’s 2009 action plan
has shown “encouraging early results” evident in the marked improvement of their
members over non-APEC states.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">“APEC sets
measurable targets with specific time-lines” to facilitate monitoring and
evaluation of performance. One set of targets is based on the “Doing Business”
indicators. APEC’s 2009 Doing Business Action Plan sets the target of making
business 25 per cent cheaper, faster and easier by 2015. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">In addition,
“… sustained engagement by top government officials from every APEC member is
needed to accelerate progress towards the goals it has set for itself”. APEC also
encourages capacity building activities amongst its members to support the attainment
of these goals.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Five Doing
Business indicators are selected, and the respective “champion economies” are chosen
to provide capacity building assistance to the other members. These “champion
economies” not only share information and experience, but also undertake
personalized diagnostic studies.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">“Other
regional bodies can learn from this model of capacity building”, and CARIFORUM should
follow suit. It has at least three states ranked within the top third in global
competitiveness for each of the four remaining priority indicators. So,
choosing champion economies should not be a problem.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Belize is
the only non-SIDS which could be considered a champion economy in two
indicators: “Resolving Insolvency”, for which it ranked 30, and “Paying Taxes”,
with a rank of 48. Suriname is the only other non-SIDS champion economy and this
is also in “Paying Taxes”, for which it ranked 50. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Coincidentally,
“Paying Taxes” is the only indicator which has only two possible SIDS champion
economies: Bahamas and St. Lucia. Both ranked 45. Otherwise, champion economies
are practically all SIDS, which could affect the efficacy of capacity building assistance
to non-SIDS.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">There are
two priority targets unique to non-SIDS: “Starting Business” and “Protecting
Investors”. Addressing “Starting Business” is not likely to be a problem for
SIDS champion economies. But, it is suspected that addressing “Protecting
Investors” could be. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">This indicator
has six possible champion economies: all SIDS, and all Anglophone. So, the
legal systems of the predominantly non-Anglophone non-SIDS will be totally unfamiliar.
Consequently, international assistance may also be required for non-SIDS to
address this indicator.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">This
highlights the problem of dealing with non-SIDS as a unit. Their present amorphous
nature especially with regard to language and institutions makes this difficult.
Probably when other states with like backgrounds join CARIFORUM, this may be
resolved. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">In “<a href="http://bit.ly/1kZxNpd" target="_blank">DoingBusiness in the Caribbean: Lessons from Singapore</a>”, I benchmarked “<a href="http://bit.ly/19cMr1Z" target="_blank">DoingBusiness 2013</a>” ratings of Barbados, Jamaica, and Trinidad and Tobago, in one
indicator, against the top ranked Singapore, which is again ranked first in “Doing
Business 2014”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">The chosen indicator
was “Dealing with Construction Permits”. But, the above indicates that this is not
one of CARIFORUM’s priority indicators. In fact, ten possible champion
economies could be identified in this indicator: the highest number in any of
the priority indicators.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Of the
original states benchmarked, only Trinidad and Tobago could not be considered a
champion in this indictor. In the 2013 report, they were ranked 101; and in the
2014 report, they were ranked 77: both ranks being below the corresponding non-SIDS
rank for the respective years.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-JM">Nevertheless,
this is a significant improvement in rank. In the 2013 report, this indicator
was one of Trinidad and Tobago’s priority indicators. It still is. But, this
improvement contributed to Trinidad and Tobago becoming the only CARIFORUM
state that has improved its overall rank in the current report.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-JM"><br /></span></div>
<br />
<div class="MsoNormal">
<span lang="EN-JM">If
CARIFORUM follows their lead, the deterioration of its performance may be
halted, or even improved. But, a concerted effort needs to be made to improve the
region’s global competitiveness. Otherwise, the growth expected into 2015 will only
be short-lived. CARIFORUM needs reform now.<o:p></o:p></span><br />
<span lang="EN-JM"><br /></span>
<span lang="EN-JM"><br /></span>
<br />
<div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
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<br />
<br />
<a href="http://bit.ly/2BsasqZ">Doing Business in the Caribbean 2018: El Salvador Shines</a><br />
<span style="color: #0000ee; text-decoration-line: underline;"><br /></span>
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<br />
<a href="https://bit.ly/1UULId9" target="_blank">Doing Business in the Caribbean 2016: Central America shows the way</a><br />
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<a href="http://bit.ly/1gKbFHW" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform</a><br />
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<a href="http://bit.ly/1kZxNpd" style="font-family: verdana, arial, helvetica, sans-serif; font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif; font-size: 12px;"> </span></div>
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</div>
PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-1494613341571848402014-03-22T14:10:00.001-05:002018-02-01T08:59:46.372-05:00Doing Business in the Caribbean 2014: CARIFORUM needs Reform<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<a href="http://bit.ly/Hz02dF" mce_href="http://bit.ly/Hz02dF" title="Doing Business 2013">Doing Business 2014: Understanding Regulations for Small and Medium-Sized Enterprises</a>, is one of a long-standing series of co-publications of the World Bank and International Financial Corporation, which records the global competitiveness of 189 nations from 2012 to 2013. Sixteen of these nations are Caribbean: Fifteen are CARIFORUM member states.</div>
<div class="MsoNormal" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<br /></div>
<div class="MsoNormal" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
The current and previous ranking of these nations is shown in table 1. My immediate observation was that the Caribbean’s longest-standing independent nation – Haiti – was ranked last at 177, while the only non-CARIFORUM and dependent nation – Puerto Rico – was ranked first at 40; and these positions were unchanged from the previous year.</div>
<div class="MsoNormal" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: currentColor; font-family: Verdana, Arial, Helvetica, sans-serif;"><tbody>
<tr><td style="border: 1pt solid windowtext; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
<b>Caribbean Nation</b></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
<b>Population (Millions)</b></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
<b>Income (US $)</b></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
<b>2013</b></div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
<b>2014</b></div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Antigua & Barbuda</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.1</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
12,640</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
63</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
71</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Bahamas, The</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.4</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
22,833</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
77</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
84</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Barbados</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.3</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
16,152</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
88</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
91</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Belize</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.3</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
4,180</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
105</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
106</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Dominica</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.1</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
6,460</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
68</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
77</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Dominican Republic</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
10.3</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
5,470</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
116</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
117</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Grenada</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.1</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
7,110</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
100</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
107</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Guyana</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
0.8</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
3,410</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
114</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
115</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Haiti</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
10.2</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
760</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
174</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
177</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Jamaica</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 117pt;" valign="top" width="156"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
2.7</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
5,140</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
90</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
94</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Puerto Rico (US)</div>
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3.7</div>
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18,000</div>
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41</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
40</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
St. Kitts & Nevis</div>
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0.1</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
13,330</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
96</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
101</div>
</td></tr>
<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
St. Lucia</div>
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0.2</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
6,530</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
53</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
64</div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
St. Vincent & the Grenadines</div>
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0.1</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
6,380</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
75</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
82</div>
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Suriname</div>
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0.5</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 112.5pt;" valign="top" width="150"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
8,480</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
164</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
161</div>
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<tr><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; font-size: 12px; padding: 0in 5.4pt; width: 144.9pt;" valign="top" width="193"><div class="MsoNormal" style="margin-bottom: 0pt;">
Trinidad</div>
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1.3</div>
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14,400</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.75in;" valign="top" width="72"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
69</div>
</td><td style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; font-size: 12px; padding: 0in 5.4pt; width: 0.7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="margin-bottom: 0pt; text-align: right;">
66</div>
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In “<a href="http://bit.ly/1e0iV3f" mce_href="http://bit.ly/1e0iV3f" title="Political Independence and Economic Development in the Caribbean">Political Independence and Economic Development in the Caribbean</a>”, I took a look at the Caribbean phenomenon that larger independent nations, like Haiti, generally have lower-income economies compared to the smaller dependent ones, like Puerto Rico: as it is in this case.</div>
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The article concluded that initial obstacles faced by the then newly independent nations were being overcome notably through the effort of the Organization of Eastern Caribbean States (OECS) and the Caribbean Community (CARICOM). However, it is now apparent that much work still remains to be done.</div>
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In “<a href="http://bit.ly/Y0izWM" mce_href="http://bit.ly/Y0izWM" title="Doing Business in the Caribbean: Lessons from Singapore">Doing Business in the Caribbean: Lessons from Singapore</a>”, I benchmarked the performance of Barbados, Jamaica, and Trinidad and Tobago in one indicator, from “<a href="http://www.doingbusiness.org/reports/global-reports/doing-business-2013" mce_href="http://www.doingbusiness.org/reports/global-reports/doing-business-2013" title="Doing Business 2013">Doing Business 2013</a>”, against the top ranked Singapore, which is once again first in “Doing Business 2014”.</div>
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In my article, I indicated that Singapore shared a similar history and, in the 1960s, similar economic structures and institutions to the Anglophone Caribbean islands. But, it has subsequently achieved a greater level of development, and now consistently excels in the Global Competitiveness Index.</div>
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Singapore is now host country of the APEC Secretariat. If you have never heard of APEC, neither did I. But, APEC stands for <u>A</u>sia-<u>P</u>acific <u>E</u>conomic<u>C</u>ooperation. Founded in 1989, it is a forum that is committed to three main pillars: liberalization of trade and investment, business facilitation, as well as economic and technical cooperation.</div>
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APEC comprises 21 nations whose economies constitute 54% of the world’s GDP and 44% of global trade. If that is not impressive enough, the four highest ranked nations are members of APEC: including USA: on whom Puerto Rico is a dependant.</div>
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Regional factors play a part in driving reforms in the business regulatory environment of APEC member states. APEC concentrates reform in institution, regulation, and policy to facilitate more efficient markets and reduced trade barriers in their region.</div>
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There is still much variation in the performance of APEC member states: ranging from Singapore at 1 to Indonesia at 120. However, variation in the Caribbean amounts to 137, which has increased from the previous year: because Puerto Rico advanced 1 place and Haiti fell 3 places. But, no member of APEC has a low-income economy, such as Haiti.</div>
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The variation is similar but still larger when comparing Puerto Rico to Suriname: which has an upper, middle-income economy and ranked second to last among Caribbean nations. But, Indonesia is a lower, middle-income economy. So, this is no real comparison: especially considering that APEC outperforms the Caribbean by approximately 40 ranks.</div>
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“Political Independence and Economic Development in the Caribbean” also focused on the Anglophone Caribbean nations that were long-standing members of OECS and CARICOM. This group comprises twelve of the fifteen CARIFORUM member states ranked, and shows much less variation in their rankings than their non-Anglophone colleagues, who had the lowest ranks.</div>
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The CARIFORUM states of Dominican Republic, Haiti, and Suriname had the three lowest ranks in the Caribbean. They speak different languages; their economies vary from low to upper, middle-income; and, they have significantly different population and land sizes: though Haiti and Dominican Republic really occupy a single land mass: Hispaniola.</div>
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When the Anglophone nations of Belize and Guyana are added to this group, the five members occupy the lowest six ranks on the Caribbean nations. But, the characteristics of this group, as mentioned above, remain unchanged. For ease of reference, the eleven remaining nations shall be referred to as the small island developing states (SIDS).</div>
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The ranks in both groups typically fell from the previous year. Only Suriname improved its rank in the former. But, Puerto Rico, and Trinidad and Tobago improved in the latter. Nevertheless, the SIDS fell in ranks by an average of approximately 5 places compared to less than a place for non-SIDS.</div>
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The <u>Dominican Today</u> publication of 13 January 2014, "<a href="http://www.dominicantoday.com/dr/economy/2014/1/13/50208/World-Bank-project-aims-to-make-companies-more-competitive" mce_href="http://www.dominicantoday.com/dr/economy/2014/1/13/50208/World-Bank-project-aims-to-make-companies-more-competitive" title="DominicanToday 13-Jan-2014">World Bank Project Aims to Make Companies More Competitive</a>", makes mention of the visit of a World Bank delegation to the Dominican Republic to start a “Competitiveness Project” in conjunction with their Economy Ministry. But, the problem is really a regional one, and CARIFORUM should drive the reform needed for capacity building.</div>
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The overall performance in “Doing Business 2014” has deteriorated from last year: both in rank and variation. Puerto Rico is not a member of CARIFORUM, so the variation within CARIFORUM member states actually fell: but, this was due to a faster fall in ratings by the better performing SIDS group relative to their non-SIDS counter parts.</div>
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Nevertheless, the United Nations has projected greater growth within the non-SIDS group this year. So, reform is needed for them to sustain this growth. Finally, the naysayers who are opposed to any regional grouping should consider competing against the likes of APEC by themselves.</div>
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As before, “we have to acknowledge that Caribbean nations are uncompetitive, be willing to change and apply bold and innovative solutions”. In my next article, I will discuss APEC’s approach, diagnose the Caribbean’s performance, and recommend target areas for CARIFORUM’s action.</div>
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<b>Related articles:</b><br />
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<a href="http://bit.ly/2BsasqZ">Doing Business in the Caribbean 2018: El Salvador Shines</a><br />
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<span style="color: #0000ee; text-decoration-line: underline;"><a href="http://bit.ly/2uKNBra" target="_blank">Doing Business in the Caribbean 2017: Central America Leads By Example</a></span><br />
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<a href="https://bit.ly/1UULId9" target="_blank">Doing Business in the Caribbean 2016: Central America shows the way</a><br />
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<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1wV19N9">Doing Business in the Caribbean 2015: Who Cares?</a></span></span><br />
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<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><a href="http://bit.ly/1jytZFD" target="_blank">Business in the Caribbean 2014: CARIFORUM needs Reform, part 2</a></span></span><br />
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<span style="font-family: "verdana" , "arial" , "helvetica" , sans-serif;"><a href="http://bit.ly/1kZxNpd" style="font-size: 12px;">Singapore: Example to the Caribbean in Doing Business</a><span style="font-size: 12px;"> </span></span></div>
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PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-11761571184127767412014-02-21T21:13:00.001-05:002020-01-16T15:11:47.123-05:00Political independence and Economic Development in the Caribbean<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">In 2003, Alvin G. Wint – former head of the Department of Management Studies at the University of West Indies, Mona Campus – noted in his book <u>Competitiveness in Small Developing Economies: Insights from the Caribbean</u> that dependent territories in the Caribbean typically have the smallest economies but the highest per capita incomes.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Early in the 1960’s when most Caribbean countries were either dependent or newly independent, territories which would later form the Caribbean Community (CARICOM) could be listed from the highest to lowest per capita income as: Trinidad and Tobago, Jamaica, Barbados, Guyana, the Leeward and Windward islands.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Twenty years later, seven territories of the Leeward and Windward Islands formed a monetary union called the Organization of Eastern Caribbean States (OECS). Wint states that: while they “<i>are politically independent, their monetary policy independence is constrained by their membership in this regional economic union</i>”.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Later, the 2000/2001 World Development Report (WDR) classified Trinidad and Tobago, Barbados and most member states of OECS as having upper middle incomes, while the other CARICOM states had lower middle incomes. But, the Bahamas and dependent Caribbean territories were classified as having high incomes.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">The dependent territories attributed their success to the global perception that they had lower political and economic risks. While many CARICOM member states were approaching 40 years of political independence at that time, this certainly seemed to have been the case.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;"><b>Independent states adopted independent exchange rates in the 1970’s</b></span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Besides falling in ranks from the 1960’s per capita listing, Jamaica and Guyana both have flexible exchange rates. With the exception of Trinidad and Tobago, other Caribbean countries use fixed exchange rates. According to Wint, “<i>movement away from fixed exchange rates in the 1970’s gave developing countries the opportunity to adopt independent exchange rates for the first time…</i>”.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">The fact that Trinidad and Tobago did not share the same fate is instructive. Changes in exchange rates increased after 1973; and, “<i>most non-oil producing developing countries experienced significant budgetary imbalances as a result of the quadrupling of oil prices in 1973</i>”. Trinidad and Tobago, being an oil-producing state, would have been spared this experience.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Non-oil producing countries of the Caribbean typically use a significant portion of their export earnings for oil imports. Devaluation of the Jamaican and Guyanese currencies therefore inflated the value of their imports over their exports: thus making a bad situation worse. </span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;"></span><span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">According to Wint, “<i>The advantage of fixed exchange regimes, on the other hand, tends to be the financial discipline they impose on governments</i>”. With regard to OECS, it was stated that: the union “<i>had forced on all the countries a degree of macro-economic discipline…</i>”.</span></div>
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<b><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">Caribbean Community agreed to establish a monetary union in 1992</span></b><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">In the mid 1970’s, CARICOM formulated a compensation facility utilizing currencies of its member-states. The objectives of this facility were two-fold: to facilitate monetary stability, and to encourage trade. This was initially a bi-lateral facility, but in 1977 became a multilateral facility referred to as the CARICOM Multilateral Clearing Facility (CMCF).</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;"></span><span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">CMCF’s objectives included the promotion of regional cooperation within the banking sector and also cooperation between member states. CMCF succeeded until the early 1980’s, when Guyana defaulted on its debts and Barbados was unable to extend more favourable payment terms.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Recently, the CARICOM Secretariat in conjunction with the Guyana Bureau of Statistics hosted a seminar on the community’s trade performance, and it was stated that the intra-regional exports from 1973 – 1981 averaged 9% of total exports. Also, there was a decline in the 1980’s because of a debt crisis.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Nevertheless, the CARICOM Single Market and Economy (CSME) was conceptualized in July 1989 by then CARICOM heads of government at Grand Anse, Grenada. In 1992, the heads of government agreed to establish this monetary union. But, CSME was only a part of CARICOM’s development strategy in the midst of globalization: where size and strength were becoming increasingly important.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">CSME’s primary objectives are price and exchange stability, and reduction of transaction costs of regional trade. The secondary objectives are the stimulation of capital flows from intra-regional trade and investment, improvement of balance of payments, and increased growth and employment.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">CARICOM member states were grouped into one of two classifications. States in category A were already compliant with the 1992 CSME criteria, and were only required to maintain monetary stability. States in category A were the Bahamas, Belize and the OECS: OECS having already been established as a monetary union.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">States in category B had to make adjustments to become compliant. States in category B were initially Trinidad and Tobago, Barbados, Jamaica, and Guyana; but Suriname and Haiti were added later. The strength of regional currencies suggested a monetary union would have been straightforward, but this has proved otherwise.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">A 3-phase implementation schedule was proposed. A Council of CARICOM Central Governors should have been established in phase 1. This phase included Trinidad and Tobago, Barbados, Belize and OECS. But, phase 1 stalled in 1993 when Trinidad and Tobago floated their currency; and, efforts to proceed without them failed.</span></div>
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<b><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">Non-compliant states stalled the CSME</span></b><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">This failure was founded in the 1980’s, between the end of CMCF and conceptualization of the CSME. Paradoxically, it was due to issues of trade and monetary instability. The Barbadian government engaged in deficit spending in the run-up to the 1981 election. While, Trinidad developed a programme to diversify its exports to non-oil markets in response to a slump in oil prices in 1982.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">By the mid 1990’s, Trinidad had substantially increased its non-oil exports, “<i>particularly to the Jamaican market</i>”. But, when Jamaica liberalized its exchange system in 1991, Trinidad followed suit in 1992 floating its currency to provide incentives for its exporters.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Trinidad’s trade policy began with protectionism, which led to reduced earnings for Barbados. Coupled with that government’s fiscal relaxation in 1986, this gave rise to a financial crisis in 1991: where Barbados’ net international reserves dropped to three weeks of imports.</span><span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;"> </span></div>
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<b><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">Economic development in CARICOM improved after 2002</span></b><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">In an article titled “<i>Jamaica and the Caribbean Community</i>” published in the Jamaican Gleaner of 24 November 2013, Byron Blake – former assistant secretary general of the CARICOM Secretariat - wrote that the Bahamas, which was one of the compliant states, “<i>was not prepared to join the CSME</i>” and could have been excluded from CARICOM were it not for a “<i>special pact</i>” signed between themselves and CARICOM.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Nevertheless, there was exceptional growth in intra-regional trade fr</span><span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">om 2002 – 2008, and the CARICOM Single Market was established in 2006. Growth in trade contracted as a result of the global economic and financial crisis. But, intra-regional trade is now 17.2% of total exports. This is almost double the rate in 1981: Trinidad and Tobago being the dominant exporter to the region.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">WDR 2012 indicates that Trinidad and Tobago, and Barbados had joined the Bahamas as high income economies. Data for both were not included in WDR 2014, so it is uncertain whether this was sustained. However, the report indicated that OECS states of Antigua and Barbuda, as well as St. Kitts and Nevis had high incomes.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">This seems to indicate the initial set-back associated with political independence has now been overcome. Now, the real threat to economic development is the misuse of political independence, particularly with regard to macro-economic stability. The example of Barbados is instructive in this regard: as a non-oil producing state.</span></div>
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<b><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">Barbados restored macroeconomic stability without devaluation</span></b><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">In 1973, mercantile exports of many developing countries, including Barbados, increased. Barbados exercised fiscal conservatism by off-setting increased expenditure on oil with increased inflows from exports, and created a surplus fund.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Barbadian policy makers were cognizant of the negative impact devaluation had on its CARICOM colleagues: Jamaica and Guyana. According to Wint, these “<i>policy makers illustrated that the macroeconomic stability of which the exchange rate was a symbol would be supported by prudent economic policy and fiscal conservatism</i>”.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">This approach was taken to deal with its deficit spending of 1981, and “<i>fiscal correction was so comprehensive that it allowed Barbados to negotiate a standby agreement with the IMF without requiring any discussion on exchange rate adjustments</i>”. This approach was again successfully applied in dealing with its 1991 crisis.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">The Barbadian example shows that <i>“…a fixed exchange rate as a nominal anchor does not necessarily reduce the temptation to resort to fiscal impudence and a corresponding inflation tax, but it does induce a rapid return to fiscal propriety if the anchor is not to be lost</i>”.</span><br />
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<b><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">Conclusion: Political independence requires fiscal propriety</span></b><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">It is therefore incomprehensible that a reputable financial institution such as Moody’s could recommend that OECS be dismantled and the Eastern Caribbean Dollar devalued. It could also be inferred from this recommendation that CARICOM should abandon CSME and the use of a common currency.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">But, the facts support the response of Sir Dwight Venner - Governor of the Eastern Caribbean Central Bank – that “<i>Evidence to the contrary suggest that the stability of the deposits in the banking system have been anchors on which the stability of our economies and financial system has been built over the last three decades…</i>”</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">Macroeconomic stability is essential for growth in two dominant service industries in the Caribbean: international financial services and tourism. Macroeconomic stability is necessary for the full implementation of CSME. It is not necessary for OECS or CARICOM to change course.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">A Caribbean Monetary Authority (CMA) is proposed to be established in phase 2 of the CSME, which will be accountable to a Council of Finance Ministers. Then, a common currency will be issued to settle regional transactions. Finally, Guyana and Jamaica will be admitted, on becoming compliant. Phase 3 requires all states to enter the monetary union as well as CMA membership.</span><br />
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<span style="font-family: "corbel" , sans-serif; font-size: 10pt; line-height: 15.33px;">The revised Treaty of Chaguaramas, which was concluded in 2001, has the objectives of improving administration of trade, increasing the scope of trade to include services, and facilitating regional investment. International concerns should not be allowed to derail the progress made. Otherwise, political independence in the Caribbean will truly have been at the expense of economic development.</span><br />
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<span style="font-family: "corbel"; font-size: x-small;"><i style="font-family: "Times New Roman"; font-size: medium;"><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phceojm">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="https://www.ph-ae.co/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i></span><br />
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<a href="http://bit.ly/1h8nGcz" target="_blank">CARICOM and Caribbean Economic Development</a></div>
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PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-88634997867210483622014-02-19T22:29:00.002-05:002018-02-01T09:00:14.348-05:00Singapore: Example to the Caribbean in Doing Business<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">In the <u>Competitiveness of Small Nations: What matters?</u>, Densil Williams and Beverly Morgan analyze the competitive performance of Singapore, Barbados, Jamaica, Trinidad and Tobago under the “Global Competitiveness Report” over a period spanning 2004/5 to 2010/11. Singapore consistently outperformed the Caribbean nations. Smallness is typically seen as a disadvantage to competitiveness, but Singapore shows that this can be overcomed. Since 2007/8, it has ranked in the top five most competitive nations in the world. But with a per capita income rivaling western European nations, one could argue that this is an unfair comparison. However, Williams et al explain that all these countries had similar economic structures, history, and institutions during the 1960’s: Singapore has just attained a greater level of development.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">In “</span><a href="http://bit.ly/19cMr1Z" mce_href="http://bit.ly/19cMr1Z" title="Doing Business 2013">Doing Business 2013</a><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">” – the Global Competitiveness Report for the period 2011/12 – Singapore was ranked the most competitive nation of the 185 nations examined. Puerto Rico was the highest ranked Caribbean nation at 41. Trinidad and Tobago was highest Caribbean nation studied by Williams et al, at 69, overtaking the usually more competitive Barbados, which was ranked 88; just ahead of Jamaica, at 90. An article in Jamaica’s Daily Observer of 5 April 2013 read: “Gov’t to improve Jamaica’s Ratings for Doing Business – GG”. The Jamaican government plans to improve on laws, procurement procedures, use of information and communication technology, risk management, government services and macroeconomic management.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">The Global Competitiveness Report analyses ten criteria across four stages of the business cycle, namely: start-up, expansion, operation, and insolvency. In the interest of time, I shall focus on the operation stage, which involves four criteria: dealing with construction permits, getting electricity, paying taxes, and trading across borders. Since my expertise is primarily in the Real Estate and Construction Industries, I will further narrow the scope of this discussion to the criterion “dealing with construction permits”.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">For this criterion, rankings of the Caribbean nations are significantly different from the overall ranking, but Singapore still excels, with a rank of 2. There construction permits undergo eleven procedures; this lasts 26 days, and costs 16.7% of the per capita income. Jamaica ranks next highest in the group at 50: requiring eight procedures, 145 days and costing 212% of per capita income. Barbados follows closely with 53: requiring ten procedures, 416 days and 83% of per capita income; followed by Trinidad and Tobago at 101: requiring 17 procedures, 297 days and 5.3% of per capita income.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">For this criterion, St. Vincent and the Grenadines ranked 5<sup>th</sup> and Grenada 10<sup>th</sup>. So, these could be case studies for the larger Caribbean islands considered here. But, it is unacceptable for Jamaica to issue a construction permit in the time it takes Singapore to issue five; or, Barbados to issue a construction permit in the time it takes Singapore to issue sixteen. It should now be obvious how Singapore has developed more than its Caribbean counterparts since the 1960’s.</span><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;"> </span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">In fact, Singapore had less than 2% unemployment in the third quarter of 2012. It had a budget surplus of o.7% of gross domestic product in 2011. And, its construction industry grew by 11.6% from 2007 – 2011, by which time it was worth £14.6 billion: this industry is also projected to grow by approximately 5% per each year up to 2016.</span><span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">Technology is used to advantage by Singapore. According to Williams et al. “The state of technological readiness in any country will impact on its ability to increase productivity, for technology helps to drive greater efficiency and thus improves output and performance”; and “technology as an enabler to improved competitiveness in the Caribbean is clearly an area that needs much attention”.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">As early as 1995, Singapore’s Ministry of National Development implemented a project called <a href="http://bit.ly/11tRhu0" mce_href="http://bit.ly/11tRhu0" title="CORENET">CORENET</a>: which stands for COnstruction and Real Estate NETwork. Its objective was to re-engineer processes in the construction industry to achieve faster turn-around times, as well as increasing productivity and quality. CORENET was implemented by the Singapore Building and Construction Authority in collaboration with other public and private organizations. An IT infrastructure was developed to facilitate integration of processes in a building’s lifecycle, namely: design, procurement, construction and maintenance.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">The current effort provides information services to speed up business planning and decision making; electronic building plan submission, checking and approval; as well as IT standards for communication between involved parties. The benefits involve provision of one-stop convenience for private and public sectors alike; one-stop submission of plans to multiple agencies from any location at any time; online access to check submission status; and single billboard for approving authorities to post submission status.</span></div>
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<span style="font-family: "corbel" , sans-serif; font-size: 12pt; line-height: 18.39px;">While our Caribbean nations are still submitting paper-based drawings, which to a large extent are hand-drawn, Singapore has for almost two decades developed a digital one-step process of dealing with construction permits. The moral of this story is that development takes foresight, planning, and diligent implementation of our plans. We have to acknowledge that Caribbean nations are uncompetitive, be willing to change, and apply bold and innovative solutions. We cannot expect to improve our competitiveness by doing the same thing day in and day out. Fortunately the global competitive report allows us to benchmark our performance against competing nations. Low growth results from a lack of competitiveness. Competitiveness results from using resources more productively, and “when productivity is high, economic growth is high”.</span><br />
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<span lang="EN-JM" style="font-family: "calibri"; font-style: italic;"><b><a href="https://jm.linkedin.com/in/phcjam">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-family: "calibri"; font-size: 13px; font-style: italic; line-height: 18.2px;">a Jamaican national, founder of <a href="http://www.phcjam.com/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span><br />
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PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0tag:blogger.com,1999:blog-3267147557548060735.post-55034387589290701142014-02-19T22:09:00.002-05:002020-01-16T15:09:24.981-05:00CARICOM and Caribbean Economic Development<div dir="ltr" style="text-align: left;" trbidi="on">
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In 1963, the Centre for Developing-Area Studies (CDAS) was established at the McGill University in Canada. William G. Demas – then Head of the Economic Planning Division of the Government of Trinidad and Tobago, served as its first research fellow in 1964. Under its auspices, Demas delivered a four-lecture series on economic development of small countries, the substance of which was reproduced in 1965 as a book titled <u>The Economics of Development in Small Countries, with Special Reference to the Caribbean</u>.<br />
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In the Preface to the first edition, Demas wrote: “In the course of my work in the field of economic planning in Trinidad, I was led to question the relevance to small countries of much of the accepted doctrine on economic development. I came to the conclusion that a somewhat different approach was necessary for small countries, such as the Caribbean”. In the Introduction to the later edition, Sir Hilary Beckles, pro Vice-Chancellor, Principal and Professor of Economic and Social History at the University of the West Indies, Cave Hill, Barbados, remarked that “This brilliant text emerged from the intensity of his contributions to development ideas within the regional integration movement”.<br />
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In 1965, several former British colonies in the Caribbean also formed the Caribbean Free Trade Association (CARIFTA), an agreement between member states to eliminate trade barriers. These former British colonies then formed the Caribbean Common Market (CARICOM) in 1973, which involved the introduction of a common external tariff and free movement of goods and services.<br />
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On CARICOM’s fortieth anniversary, Jamaican manufacturers complain of Trinidad’s large trade surplus with Jamaica; that Trinidad maintains non-tariff barriers; and how energy subsidies to Trinidadian manufacturers give them an unfair competitive advantage. However, these Jamaican manufacturers have not sought a ruling in the Caribbean Court of Justice (CCJ), neither has any serious petition been made to CARICOM to establish a policy on the use of subsidies. Yet, there are calls for Jamaica to withdraw from CARICOM, even temporarily.<br />
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But, Demas stated that “… economic regionalism offers one important avenue for many small underdeveloped countries to achieve the possibility of a more fully self-sustained pattern of growth”, and “… at least some regional cooperation or some limited measure of economic integration maybe better than none at all, and any move towards regionalism will be a step in the right direction”. Could Demas’ conclusions have been relevant only to Trinidad and Tobago? Certainly not!<br />
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The fact is that Jamaican manufacturers could raise the same objections to trade with the United States. But, no one is even suggesting that Jamaica cease trading with the US, even temporarily. Demas stated that there are two “essential characteristics of self-sustained growth”: one, savings and investment, and the other he termed “transformation of the structure of production”, noting that “development really means a structural transformation of the economy”. It is my contention that CARICOM has not facilitated this transformation expeditiously, which has led to unbalanced development and discontent with CARICOM itself.<br />
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Demas postulated “seven basic elements” of this second characteristic, which are:<br />
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Capacity to transform;</div>
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Unification of the national markets for goods and services;</div>
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Shift of production and labour between sectors of the economy;</div>
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Interdependence between domestic industries and activities;</div>
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Changes in the importance and composition of foreign trade;</div>
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Reduction of dualism; and</div>
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<span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-size: 7pt;"> </span></span>Development of appropriate institutions.<br />
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From CARIFTA through to the CARICOM Single Market and Economy (CSME) in 1993, the focus has been on the element “unification of the national markets”, and more so for goods than services. So, a country like Trinidad which has 59% of its Gross Domestic Product (GDP) derived from production of goods would have benefited much more than Jamaica, which has 30% of its GDP derived from production of goods. <br />
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Most Caribbean service-producing countries also depend on tourism which has been shown to be an enclave sector, that is, one in which a large proportion of their inputs are imported from outside the region, even though they may be available regionally. Therefore, “Interdependence between domestic industries and activities” also needs to be addressed in these service-producing countries and, Demas cautions that “… an enclave economy – even one which yields a high level of per capita income and consumption to its inhabitants – cannot be considered truly developed”.<br />
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It was previously stated that the Jamaican manufacturers could take their case to the CCJ. The CCJ is one of the institutions falling under the element “Development of appropriate institutions”. However, the CCJ came into being long after Jamaica first started protesting about Trinidad’s trading practices, and as such, its late establishment would have effectively denied affected parties any means of redress. Capital and other financial institutions are other relatively new additions to CARICOM, even though Demas first highlighted their importance forty-eight years ago. Other important institutions involved are education and training, public and business administration, land tenure, agrarian systems, and an “appropriate structure of incentives”.<br />
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Another issue, raised by other commentators, is Jamaica’s comparatively low productivity to Trinidad. This is what Demas refers to as “dualism”- in this case, both regional dualism and dualism between economic sectors are involved. In this regard, Demas notes that “… development of a national economy really means that all sectors – whether goods-producing or service-producing – and all regions become technically progressive, although not necessarily at the same rate”. Here, Demas recommends that sector-dualism be addressed in the initial stages of development, followed by regional dualism. However, we have already established that the goods-producing and service-producing sectors were never handled in a balanced manner.<br />
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The productivity of Jamaica, as a predominantly service-producing economy, has declined over the past thirty years. One of the reasons given for Jamaica’s fall in productivity is the unresponsive nature of its labour costs to productivity. This shows poor “capacity to transform”, which is essentially the ability to respond to price and market conditions, especially those outside the local market. Jamaica also has a large proportion of unskilled labour, which means shifting “labour between economic sectors” will be problematic, if not impossible. CARICOM is yet to guarantee the free movement of labour, but these categories of workers will understandably not be in high demand elsewhere by CARICOM member states. CARICOM will not be able to offer Jamaica a “quick-fix” to these problems.<br />
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However, “changes in the importance and composition of foreign trade” are a potential threat to regional trade itself, and by extension regional integration; if transformation issues are not addressed better than they are now. When a nation’s economy transforms, Demas states that the proportion of its trade to GDP may be unchanged, but the composition of its imports shifts away from consumer goods towards intermediate and capital goods. Unless regional partners also start producing more intermediate and capital goods, they will therefore experience a trade surplus with a more developed partner.</div>
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CARICOM really needs to do a better job than it is presently. It needs to address these transformation issues expeditiously. Institutions like the CCJ and integration of capital markets need to become fully functional in short order. Dualism between the goods and service sectors needs urgent attention; and, an effort needs to be made to integrate the region’s industries and activities. CARICOM cannot afford to be preoccupied with unification of the mercantile markets at the detriment of all else. It needs to decisively address Caribbean economic development. But, it cannot rectify all the deficiencies alone. So, member states must not renege on their own responsibilities to achieve self-sustained growth.<br />
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<i style="font-family: "Times New Roman"; font-size: medium;"><span lang="EN-JM"><b><a href="https://jm.linkedin.com/in/phceojm">Paul Hay</a></b> is </span><span style="background-color: white; color: #404040; font-size: 13px; line-height: 18.2px;">a Jamaican national, founder of <a href="https://www.ph-ae.co/">PAUL HAY Capital Projects</a>: a consultancy, based in Kingston Jamaica, with a vision of providing strategic planning and implementation services to organizations for non-residential facilities in the Caribbean.</span></i><br />
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PHCeoJMhttp://www.blogger.com/profile/09240830997584792285noreply@blogger.com0