generation and usage, as well as the nature of the technologies deployed in the production processes. Evidence of the acceleration in the process of global warming has not resulted in any noticeable efforts to achieve the agreed target of limiting global temperature to a rise of 2 degrees. In the meanwhile, the increased frequency and severity of climatic events, along with the growing incidence of health pandemics and the threat of terrorism and war, are threatening to retard the development gains achieved overtime by developing countries in particular. 1.1.2 The Regional Context Given its susceptibility to external shocks, global realities and challenges are either mirrored or heightened in the CARICOM Region. While most developing countries weathered the global financial and economic crisis and were able to record higher growth rates than the developed world, CARICOM States were faced with the reality of persistent low growth rates and crippling external debt. This situation coincided with only a 64% implementation level of the CSME which, with its emphasis on removing dis-economies of scale and creating complementarities, is being established as the mechanism to allow Member States to build economic resilience and respond to the threats posed by the global environment. However, the level of intra-regional trade and production remains below expectation and critical elements of the macro-economic policy coordination agenda have not been sufficiently advanced by CARICOM States. Member States economic performance is at variance with that of the Region’s neighbours in Latin America, as well as other developing countries and has resulted in growing unemployment especially among youth, threats to economic stability and disenchantment of the international community with the economic management of some Member States, in particular, debt and fiscal management. The response of Member States has initially been the adoption of either home-grown or multilateral supported stabilization and structural adjustment programmes which have not yet resulted in sustained growth in those Member States experiencing significant macro-economic imbalances. Revitalizing economic growth is therefore of critical importance to preventing further deterioration in the Region’s human development gains and a regional approach is now being promoted to remove significant micro-economic constraints on competitive production. The redistribution in the balance of global economic power, the shifting priorities of traditional partners along with geo-political changes in neighbouring regions, constitute major challenges as the Region seeks to reposition itself. It is apparent that such repositioning should involve stemming the erosion of CARICOM’s diplomatic and economic strength and effective insertion in 4|P ag e