With Guyana being the only Borrowing Member Country (BMC) to record economic growth, solely due to the start-up of its first oil production, the Caribbean Development Bank (CDB) is projecting a GDP growth of 8.4 per cent for this county, this year.
According to a release, after an extremely difficult year in which the economies of its 19 Borrowing Member Countries contracted by 12.8 per cent on average due to the onset of COVID-19, the bank is projecting an average GDP growth of 3.8 per cent in 2021.
In 2020, the majority of BMCs registered double-digit declines in GDP. Countries with significant tourism industries, such as The Bahamas, Barbados, Belize, Cayman Islands, Dominica, and Grenada, were hard-hit by a more than 70 per cent drop in overnight visitors in 2020, which spilled over to affect other economic sectors.
