Caribbean Projected To Grow By Over 8 Percent 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, 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.
The following is the projected growth by country for 2024 and 2025, according to ECLAC data:
Country2024 Growth Rate (%)2025 Growth Rate (%)Guyana29.217.8Antigua and Barbuda6.34.8Dominican Republic5.24.5Saint Vincent and the Grenadines4.74.6Dominica4.64.3Belize4.13.8Grenada4.13.7Barbados3.72.8Saint Lucia3.42.0Saint Kitts and Nevis3.02.7Suriname2.42.7Trinidad and Tobago2.42.2Bahamas2.31.8Jamaica1.81.7Cuba0.51.0
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.