Caribbean Economies on the Rebound

Caribbean Economies on the Rebound

The majority of Caribbean economies are on the rebound says Director of Economics at the Caribbean Development Bank (CDB) Mr. Ian Durant.

Speaking at the Bank’s Annual News Conference on February 20, 2024, the Bank’s chief economist stated that “CDB forecasts an average growth rate of 8.6% for its 19 Borrowing
Member Countries in 2024, largely attributable to increased oil production in Guyana and the continued expansion of the tourism industry”.

However he added that “excluding Guyana, this growth projection falls to 2.3%, a moderation from the estimated growth of 2.5% in 2023, which aligns with the broader trends of slowing, below-average global growth and the ongoing normalization of economic conditions in the Caribbean.”

Delivering a presentation focused on “Current and Future Requisites for Prosperity”, Mr. Durant highlighted the mostly favorable performance of the Bank’s 19 Borrowing Members in 2023.

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He pointed out that Haiti remained the exception to the current trend owing to continued instability and high inflation.

The Economics Director also projected that the positive trajectory for 18 of the Bank’s 19 clients is anticipated to continue into 2024.

“Despite having to navigate this challenging external environment, Caribbean economies continued to rebound from the COVID-19 shock, with an average growth rate of 6.7% in 2023.”

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Tourism remained a key driver of the regional economic performance, with service-exporting economies growing at an average of 2.4%

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