Antigua and Barbuda Is the Caribbean’s Fastest-Growing Economy
The latest report from the United Nations Economic Commission for Latin America and the Caribbean has named Antigua and Barbuda as the fastest-growing economy in the region.
According to the report, the twin-island country is expected to experience an impressive 6.3 percent growth in its Gross Domestic Product (GDP) in 2024, surpassing all other nations in the Caribbean.
This growth is projected to remain robust in 2025, with an estimated GDP growth rate of 4.8 percent.
Notably, Antigua and Barbuda’s growth outpaces that of the Dominican Republic, a traditional economic powerhouse in the region, which is projected to grow by 5.2 percent this year.
The data underscores the remarkable strength of the Antiguan economy, largely fueled by a surge in tourism arrivals.
The country anticipates breaking new records in tourism arrivals for 2024, with a reported 16 percent increase in stayover arrivals compared to the previous year. Importantly, these figures reflect an 11 percent surge over the same period in 2019, the destination’s previous peak year.
Antigua and Barbuda Tourism Authority CEO Colin C. James shared these compelling statistics during a recent briefing at the State of the Tourism Industry conference in the Cayman Islands.
Moreover, the ECLAC report also indicates that Antigua and Barbuda is expected to witness a “significant increase” in inflows from its citizenship by investment program.
This story was first published by Antigua News on September 16, 2024: antigua.news/2024/09/16/antigua-and-barbuda-is-the-caribbeans-fastest-growing-economy. © 2024 Antigua News. Republication without permission is not allowed.
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Blue September 16, 2024, 9:40 AM
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