Editorial Staff
2 months ago

Editorial Staff
2 months ago

ECLAC confirms Antigua and Barbuda’s economic growth projections

You can now listen to Antigua News articles!

Prime Minister Gaston Browne

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.



Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.