bank ’ s economists, as well as laying the foundation for the bank ’ s well - earned reputation for its research among regional central banks. without doubt it has contributed to the development of our economists, facilitating the transition from the study of economics to the practice of research economics in the real world. for more experienced economists, the ars has and continues to provide an opportunity to stay at the cutting edge through on - going discussion and collaboration with their peers in academia, the public sector, and private business, in barbados, the region and beyond. our theme this year, practical solutions to strengthen economic growth, is indeed timely. as i noted in a recent presentation, rates of economic growth in the caricom region declined significantly from 6 % in the 1960s to less than 1 % in recent years. indeed, a recent idb study points out that that caribbean economies have grown by 1. 7 % over the past 25 years compared to 3. 7 % for the world and 4. 6 % for emerging markets. size, or lack thereof, and openness have made the region especially vulnerable to the many 1 / 2 bis central bankers'speeches exogenous shocks, including the several natural disasters that have impacted the region during this period. while the region as a whole is experiencing low growth, differences in endowments are impacting overall growth performance in individual economies. for example, last year, regional output declined largely because of falling output in the commodity based economies which have been adversely impacted by declines in commodity prices. on the other hand services based economies are registering modest growth. as policy makers, we face the challenge of creating conditions that will contribute to improved standards of living over time. we all recognise that our policy framework must be credible and sustainable. in barbados we face current policy challenges to which some of the research at this seminar can help to provide explanations as to how policy actions can be designed to favourably impact economic activity. indeed, a cursory view of the agenda for this week reveals topics of current interest, including derisking, financial stability, the optimal size of government, macro - fiscal linkages of green energy and trade in cultural industries. i do hope that you will find the seminar this year to be interesting, stimulating and rewarding as you seek to share insights and practical solutions that might stimulate an acceleration of growth across the region. to set us on the path of exploration, i have the distinct pleasure to introduce our keynote speaker this morning, dr justin ram, director of

economics at the caribbean development bank. dr. ram is a specialist in energy and development economics and possesses a phd in economics from the london school of economics. in addition, dr. ram has a wide range of experience as a lecturer in economics, as a policy maker, and has acted as a consultant for the world bank, united nations and international labour organisation. in his address, he asks us to imagine an end to slow economic growth. it is therefore highly appropriate that he opens the batting at a conference such as this, designed to address the vexing problem of slow growth and economic instability in the small open economies of the caribbean. ladies and gentlemen, please give a warm welcome to dr. ram. 2 / 2 bis central bankers'speeches