Caribbean Economic Growth Projected to Reach 8.4% in 2024
News Americas, New York, NY, Fri. August 23, 2024: The Caribbean region is on track to experience economic growth of 8.4 percent in 2024, largely driven by the remarkable expansion of Guyana’s economy. However, without factoring in Guyana, the region’s projected growth rate drops significantly to just 2.6 percent, according to the latest annual report from the Economic Commission for Latin America and the Caribbean, (ECLAC).
Guyana to Lead Caribbean Growth
Guyana, with its rapidly expanding oil sector, is expected to lead the Caribbean in growth, with an estimated 29.2 percent increase in 2024. In contrast, the growth forecast for 2025 for the region, including Guyana, is projected to drop to 6.3 percent. Excluding Guyana, the rate will fall even further to just 2.23 percent.
Economic Growth by Country in 2024 and 2025
Country | 2024 Growth Rate (%) | 2025 Growth Rate (%) |
---|---|---|
Guyana | 29.2 | 17.8 |
Antigua and Barbuda | 6.3 | 4.8 |
Dominican Republic | 5.2 | 4.5 |
Saint Vincent and the Grenadines | 4.7 | 4.6 |
Dominica | 4.6 | 4.3 |
Belize | 4.1 | 3.8 |
Grenada | 4.1 | 3.7 |
Barbados | 3.7 | 2.8 |
Saint Lucia | 3.4 | 2.0 |
Saint Kitts and Nevis | 3.0 | 2.7 |
Suriname | 2.4 | 2.7 |
Trinidad and Tobago | 2.4 | 2.2 |
Bahamas | 2.3 | 1.8 |
Jamaica | 1.8 | 1.7 |
Cuba | 0.5 | 1.0 |
Conclusion
This growth projection highlights the economic challenges facing the region, particularly when Guyana’s extraordinary growth is excluded. While other Caribbean nations are showing positive growth rates, the disparity underscores the critical role that Guyana’s oil boom is playing in the region’s overall economic performance.
FAQs
Q: What is the projected economic growth rate for the Caribbean in 2024?
A: The projected economic growth rate for the Caribbean in 2024 is 8.4 percent.
Q: How does Guyana’s growth rate compare to other Caribbean countries?
A: Guyana is expected to lead the Caribbean in growth, with an estimated 29.2 percent increase in 2024.
Q: What is the impact of excluding Guyana from the growth projection?
A: Excluding Guyana, the growth rate for the region drops significantly to just 2.6 percent.
Q: What is the projected growth rate for 2025 for the region, including Guyana?
A: The projected growth rate for 2025 for the region, including Guyana, is 6.3 percent.