The Impact of the 2008 Global Crisis On Small Economies in the Caribbean

Armstrong, Harvey and Read, Robert Allan (2018) The Impact of the 2008 Global Crisis On Small Economies in the Caribbean. Canadian Journal of Latin American & Caribbean Studies, 43 (3). pp. 394-416. ISSN 0826-3663

PDF (CJLACS, final Pure Caribbean Crisis & Performance, September 2018)
CJLACS_final_Pure_Caribbean_Crisis_Performance_September_2018.pdf - Accepted Version
Available under License Creative Commons Attribution-NonCommercial.

Download (968kB)


This paper investigates the impact of the global 2008 crisis on the Caribbean region, with particular focus on its many small tourism-dependent economies. Specialization in tourism and, in some cases, offshore financial services has been a successful specialization strategy for many small economies but has made them highly susceptible to exogenous economic shocks. The paper utilizes cluster analysis to identify five distinct pre-crisis patterns of sectoral specialization in Caribbean economies generally. The 2008 crisis is shown to have had very distinct cluster-specific effects, with small economies specializing in tourism and financial services being the worst affected. These findings raise important questions regarding the future sustainability of this sectoral growth template, previously adopted by many successful small economies.

Item Type:
Journal Article
Journal or Publication Title:
Canadian Journal of Latin American & Caribbean Studies
Additional Information:
This is an Accepted Manuscript of an article published by Taylor & Francis in Canadian Journal of Latin American and Caribbean Studies 2018, available online:
Uncontrolled Keywords:
ID Code:
Deposited By:
Deposited On:
27 Sep 2018 15:32
Last Modified:
15 Feb 2023 00:32