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(DEBrief) Innovation and Firm Performance in the Caribbean

This DEBrief summarizes the findings of a study by IDB Invest and FinDev Canada that analyzes survey data from over 1,000 firms across 7 Caribbean countries in 2020, finding that innovation, broadly defined to include methods and processes, allowed firms to obtain larger revenues, even per worker, that also translated into better worker compensation, on average. Innovation is also highly correlated to Total Factor Productivity and it can help make firms more resilient in the face of crisis.

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