Shrinking populations across most Eastern Caribbean countries are emerging as a major threat to economic growth, with Dr. Timothy N.J. Antoine, Governor of the Eastern Caribbean Central Bank (ECCB), warning that the region cannot expand its economies without addressing the issue.
Speaking at the launch of the ECCB’s 2026–2031 strategic plan, Dr. Antoine said six of the eight countries in the Eastern Caribbean Currency Union are experiencing either stagnant or declining populations — a trend he described as a serious structural constraint on development.
He questioned how economies can grow, create demand, and sustain businesses if the number of consumers continues to fall.
“How do you grow and double the size of an economy with a falling population?” Dr. Antoine asked, noting that declining populations reduce consumption, limit business opportunities, and weaken long-term economic prospects.
The issue forms part of a broader set of structural challenges identified by the ECCB, including low productivity, limited access to credit, and high dependence on imports, all of which the bank says must be addressed under its “Big Push” strategy for regional transformation.
Antoine Calls for Return of Diaspora and Skilled Migration to Boost Growth
In outlining possible solutions, Dr. Antoine called for a more deliberate approach to population growth, including encouraging members of the Caribbean diaspora to return home and contribute to national development.
He said improving healthcare systems and digital connectivity will be critical to attracting returning nationals, particularly those seeking opportunities to work remotely while living in the region.
“We are going to have to get our people to come back home,” he said, pointing to the large number of Caribbean nationals living abroad.
At the same time, Dr. Antoine raised the prospect of targeted immigration, acknowledging that the topic can be sensitive but arguing that carefully managed inflows of skilled workers could help fill gaps in small economies.
He noted that some countries in the region, including Antigua and Barbuda, have already benefited from inward migration, which has helped support economic activity and population growth.
The focus, he said, should be on attracting individuals with skills that are in short supply, while ensuring appropriate safeguards are in place.
“We actually want people with skills,” Dr. Antoine said, adding that even a small number of skilled workers can make a significant impact in small island economies.
Dr. Antoine stressed that addressing population decline will require open and balanced discussions, as well as coordinated policy responses from governments across the region.
He said the issue is closely tied to broader economic goals, including increasing productivity, expanding business activity, and achieving sustainable growth under the ECCB’s new strategic plan.
The remarks highlight a growing recognition among regional policymakers that demographic trends are not only a social issue, but a central factor in the Caribbean’s economic future.