Narayan AmmachchiThe Caribbean Development Bank (CDB) painted a rosy economic picture for its member countries in 2024, forecasting a regional average growth rate of 8.6%.
This optimism hinges on two main factors: a surge in oil production from Guyana and the sustained buoyancy of the tourism sector.
When excluding Guyana’s performance’, however, regional growth projection dips to 2.3%. This underlines the importance of diversification for long-term Caribbean prosperity, cautioned CDB’s Director of Economics, Ian Durant, in a press conference recently.
The CDB outlined key requirements for boosting export capacity in the region. These include building climate-resilient infrastructure, streamlining the business environment through digitalization and embracing artificial intelligence.
Additionally, Durant emphasized the importance of addressing skills gaps and ensuring strong energy security to reduce costs.
The positive outlook extends beyond the current year. Durant anticipates continued economic expansion for 18 of the CDB’s 19 borrowing member countries.
This optimism reflects the Caribbean’s resilience in navigating a complex global landscape. The region achieved an average growth rate of 6.7% in 2023, with 11 countries already surpassing pre-pandemic economic output on the back of a tourism rebound fueled by robust visitor demand.
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