Logistics and Economic Development in the Caribbean Economies: Perspective from Road Network
Abstract:
Road networks have the ability to unlock the potential embedded in rural areas by enabling the transformation of subsistence farming into a commercial and dynamic farming system. This study explores the: possible predicting impact of quality road network on economic development in the Caribbean Economies, potential costs, and benefits associated with improvement in road network infrastructures, and the type(s) of road network improvement that has the least adverse effect on the sustainability of the environment. Regression Analysis Technique with adjusted R2 and Standard Deviation Technique were utilized in the analysis of secondary data derived from nineteen (19) Caribbean Economies. Costs of upgrading and maintaining road networks within the block of nations were assessed using statistical evidence from the World Bank database. Very strong and direct correlations are revealed between economic development, and the quality road infrastructure (QRI) (r2 = 73%). Positive correlations of less magnitude are also revealed between key factors of economic development and those of quality road infrastructure (GDP/Capita and connectivity r2 = 33.13%, per capita consumption and connectivity r2 = 37.21%, per capita consumption and % of paved road r2 = 30.94%). Traffic engineering, improvement in the design of intersections, construction and improvement of unpaved and paved roads are three of the six cost-effective and environmentally friendly procedures reveal by this study to improve and manage the Caribbean Islands’ Road Network infrastructure. Several Caribbean Islands do not have effective data collection and storage capabilities and as a result this study is limited to nineteen (19) islands. Improved road networks in the Caribbean is crucial in the fight against poverty. It opens up more areas and in doing so provides access to employment, health, and educational services and other critical services. Improved road network in the Caribbean saves time, provides a means of access to public services, reduces insecurity caused by isolation and enables islanders’ participation in social gatherings. This study focuses on the level of impact that road network has on the Caribbean Islands’ Economic Development
