According to the UN’s World Economic Situation and Prospects (WESP) 2021 report, Latin America and the Caribbean experienced a devastating contraction of 8% for 2020 and is expected to face moderate growth of 3.8 per cent for 2021. “The recovery will likely remain fragile and uneven, with outlook risks tilted towards the downside,” the organization noted.
In light of these economic challenges, the region’s BPO industry could add tremendous value from a macro and micro-economic level.
The disruption of the Philippines’ outsourcing market as a result of the Covid-19 crisis has given Caribbean islands a unique opportunity to offer competitive Nearshore services. However, many Caribbean nations have different approaches to the sector in 2021 – some are based on the country’s capacity and others, on the short-term ability of the BPO sector to boost the domestic economy.
Interviews with various industry executives in the Cayman Islands, Dominica, Antigua and Barbuda and Grenada have revealed that these Caribbean islands are all implementing different strategies to encourage growth in the Nearshore sector.
The Role of the Private Sector
Gene Thompson, director of Thompson Development Ltd based in the Cayman Islands, told Nearshore Americas that the Caymans’ government has enabled strategies to allow the private sector to engage with the most lucrative market opportunities – particularly within the technology space.
While not speaking