The World Bank released its latest economic forecast on Tuesday, projecting a strengthening of economic growth in the Caribbean region. It anticipates a growth rate of 7.1 per cent for this year, with continued robust performance expected in 2025 at 5.7 per cent.
Excluding Guyana, the report predicts growth rates of 3.9 per cent in 2024 and four per cent in 2025 for the Caribbean region, driven by a moderate recovery in tourism and remittances.
The World Bank report predicts that Guyana will see significant economic growth of 34.3 per cent this year before moderating to 16.8 per cent the following year.
Barbados’ economy is expected to experience growth of 3.7 per cent in 2024, which will then drop to 2.8 per cent in 2025.
Dominica’s growth rate for this year is projected to be 4.6 per cent, with a slight decline to 4.2 per cent expected next year. Grenada is forecasted to experience growth of 4.3 per cent in 2024, which will then decrease to 3.8 per cent in 2025.
Haiti is the only Caribbean Community (CARICOM) country expected to register negative growth this year, with a rate of minus 1.8 per cent, but it is forecasted to improve to 1.9 per cent the following year.
