February 21, 2024 – BRIDGETOWN, Barbados: 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’sAnnual 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. 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 normalisation of economic conditions in the Caribbean.” Delivering a presentation focused on “Current and Future Requisites For Prosperity”, Mr.
Durant highlighted the mostly favourable performance of the Bank’s 19 Borrowing Members in 2023. However, he also indicated 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.” Tourism remained a key driver of the regional economic performance, with service-exporting economies growing at an average of 2.4%.
“These economies benefitted from robust demand from major source markets and by the end of 2023, 11 countries had overtaken pre-pandemic output levels.” Although optimistic, the projections are susceptible to various
