President Obama visited Jamaica in April 2015, being only the second U.S. president to do so (Ronald Reagan made it to the Caribbean island in 1982). President Obama met with Caribbean leaders, discussed mutual security concerns (radical Islamic terrorism being high on the list), and economic issues. He also expressed his concern that China was “using its sheer size and muscle to force foreign countries into subordinate positions.” The message from these diplomatic moves is that the United States has an interest in the region, but that it is measured and will not incur costs, which is reflected by the response to Puerto Rico.

The Caribbean faces a challenging period ahead, both in terms of economic issues and changing geopolitical trends. Indeed, the “big events” of an opening in U.S.-Cuban relations and Puerto Rico’s debt crisis are putting the Caribbean back on the map of policymakers. No doubt, Cuba and Puerto Rico will slip into the U.S. presidential debates. At the same time, these developments are putting Caribbean governments under pressure to respond to change, while seeking to deal with long-term economic challenges. Although much of the Caribbean image is one of rum bunches, pristine beaches and happy natives, these are real countries struggling with issues of global competitiveness and how to manage relations with larger and more powerful countries. Change is in the air and the Caribbean is restless.  

Scott MacDonald is the Head of Research for MC Asset Management Holdings, LLC, a wholly owned subsidiary of the Mitsubishi Corporation. He is the co-author of the forthcoming State Capitalism’s Uncertain Future. The views expressed are his own and may not reflect those of MC Asset Management Holdings, LLC, the Mitsubishi Corporation or their affiliates.

Image: Flickr/Grand Velas Riviera Maya