Many Caribbean countries are facing significant fiscal constraints to improving, or even maintaining, vital public projects in transportation, health, energy, and other sectors because the pandemic has led to a sharp decline in tourism revenue—a mainstay of the region’s economies. The fiscal downturn is exacerbated by complex issues such as the region's vulnerability to natural hazards and the effects of climate change.

Recognizing that governments across the globe find themselves at an important inflection point—with overlapping crises such as the COVID-19 pandemic, the war in Ukraine and other conflicts, sharp economic slowdown, and the effects of climate change that will touch us all—the World Bank recently launched a report on The Future of Government.

Economic disruptions are cascading globally as a result of COVID-19. For infrastructure investors, the sudden evaporation of demand is colliding with cost increases, or at least cost uncertainty. Once these economic realities become balance sheet realities, a “tidal wave” will come into view that risks overwhelming the legal system with contract disputes.

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