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Caribbean IFCs: facing headwinds

Introduction

Across the Caribbean, the governments of a number of countries and territories have nurtured offshore financial services as part of policies to diversify economies away from tourism. Over the recent past, growth in activity has been patchy. Some international financial centres (IFCs) have had to contend with a sharp contraction in international banking assets. Others face substantial competition from other centres – including onshore centres in the United States. Collectively they have battled adverse – and often unfair – perceptions. In general, they remain overly vulnerable to unfavourable decisions by policy-makers in the United States and Canada. The headwinds will persist for the next two years at least.

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