María Cecilia Acevedo is a Lead Strategy Officer at the Strategy and Development Effectiveness Department at IDB Invest in Washington, DC. Maria Cecilia leads the preparation of country strategies for IDB Invest, in particular by providing technical analysis through the inclusion of the private sector perspective for Latin America and the Caribbean. María Cecilia conducts research on economic development issues, especially on the contribution of the private sector to the well-being of the population and the mechanisms through which market solutions are efficient to achieve this objective. A Colombian national, María Cecilia received her M.A. and Ph.D. from Harvard University, and an M.A. in Economics from the Universidad de los Andes in Bogotá.
A recent study by IDB Invest and FinDev Canada analyzes survey data from over 1,000 firms across seven Caribbean countries in 2020, finding that investing in new or improved products, services, processes, methods, or distribution channels drives productivity and financial performance and can also make companies more resilient in the face of crisis.
New data from the Caribbean shows that high collateral requirements and interest rates are among the top barriers for women-owned and -led businesses looking for financing. Overcoming these hurdles is an important challenge for the Caribbean, especially as firms seek to regain a foothold in a post-pandemic private sector.
The 4th Industrial Revolution brings endless opportunities for the Caribbean. To exploit these opportunities, the private sector can partner with governments to deploy successful initiatives to prepare the current and future workforce for the emerging technologies.
New technologies and big data are increasing the demand for skills, including digital skills and high-level cognitive skills. Caribbean private sector can influence the types of skills it needs from its workforce and play an active role in increasing productivity and competitiveness in the region - and globally.
The productive sector of Latin America and Caribbean countries faces constant challenges. In the case of Paraguay, notable challenges include difficulty accessing financing and the lack of infrastructure to boost development. However, during the last decade this country has gradually positioned itself in international trade thanks to the development of its agri-food industry, among other factors. Thus, in research developed by the Inter-American Development Bank Group, we have detected five areas in which the private sector can support the development of Paraguay: