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America News, New York, New York, Friday. August 23, 2024: The Caribbean is expected to achieve economic growth of 8.4% in 2024, mainly due to the significant expansion of Guyana’s economy. However, if Guyana is excluded, the region’s projected growth rate drops significantly to just 2.6%, according to the latest annual report of the Economic Commission for Latin America and the Caribbean (ECLAC).
Guyana’s rapidly developing oil sector is expected to lead Caribbean economic growth, with an estimated 29.2% growth in 2024. In contrast, the growth forecast for the region, including Guyana, falls to 6.3% in 2025. If Guyana is excluded, the growth rate falls further to 2.23%.
Here are the growth forecasts for each country in 2024 and 2025, according to ECLAC:
nationGrowth rate in 2024 (%)Growth rate in 2025 (%)Guyana29.217.8Antigua and Barbuda6.34.8Dominican Republic5.24.5Saint Vincent and the Grenadines4.74.6dominican4.64.3Belize4.13.8Greneda4.13.7Barbados3.72.8saint lucia3.42.0Saint Kitts and Nevis3.02.7Surinam2.42.7Trinidad and Tobago2.42.2Bahamas2.31.8Jamaica1.81.7Cuba0.51.0
See also
This growth forecast highlights the economic challenges facing the region, especially when excluding Guyana’s exceptional growth. While other Caribbean countries are seeing positive growth, the disparity underscores the key role that Guyana’s oil boom played in the region’s overall economic performance.
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