ECLAC confirms Antigua and Barbuda’s economic growth projections
Latin America and the Caribbean are expected to experience a moderate slowdown in economic growth in the coming years, with varying trajectories for sub-regions and individual countries.
The overall GDP growth for the region is projected to be 2.2% in 2023, with a slight dip to 1.9% in 2024. This deceleration is influenced by a complex mix of factors, including global economic conditions, regional policies, and ongoing challenges.
Latin America is expected to register a GDP growth of 2.1% in 2023, with a slight decrease to 1.8% in 2024, due to a combination of internal and external factors.
South America is projected to experience slower growth rates, with projections of 1.5% and 1.4% for 2023 and 2024, respectively, influenced by economic conditions and external trade dynamics.
On the other hand, Central America is poised for robust economic expansion, with a growth rate of 3.4% in 2023 and a marginal decrease to 3.2% in 2024, benefiting from increased regional cooperation and strategic economic policies.
Central America and Mexico are set to experience a growth rate of 3.5% in 2023, but a slight dip is projected for 2024, with a rate of 2.7%, as Mexico’s economic policies and trade relationships continue to shape this outlook.
Finally, the Caribbean stands out with a notably higher growth rate, projected at 9.4% in 2023 and 8.3% in 2024.
However, when excluding Guyana, the growth rate decreases to 3.4% in 2023 and 2.6% in 2024.
Overall, Latin America and the Caribbean’s economic outlook for the coming years is a mix of growth and challenges, with varying trajectories for sub-regions and individual countries.
Country-Specific Highlights:
Several Caribbean nations exhibit distinctive growth patterns:
- Antigua and Barbuda: Expected to grow at 8.5% in 2023 and 8.2% in 2024, the nation’s tourism-dependent economy demonstrates resilience and adaptability.
- Guyana: The standout performer, Guyana, is projected to experience an exceptional growth rate of 39.2% in 2023, followed by a substantial but lower 28.9% in 2024. The country’s burgeoning oil and gas sector underpins this remarkable economic surge.
- Jamaica: Jamaica is forecasted to have a growth rate of 2.1% in 2023 and a marginal decline to 1.9% in 2024, reflecting a steady but measured economic trajectory.
- Trinidad and Tobago: This oil-rich nation anticipates a growth rate of 2.7% in 2023 and a slight decrease to 2.4% in 2024, as it navigates the challenges of global energy markets.
As Latin America and the Caribbean prepare for the years ahead, policymakers and businesses alike will need to navigate a diverse economic landscape, addressing both shared regional challenges and unique country-specific dynamics to foster sustainable growth.
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