Business
Haiti and Guyana projected to lead in growth in Caribbean region in 2014
Haiti and Guyana are expected to lead the economic growth among countries in Latin America and the Caribbean, according to the United Nations’ annual World Economic Situation and Prospects (WESP) report 2014.
According to the report, both Caribbean Community (CARICOM) countries are projecting to have economic growth of 4.5 percent this year, followed by other CARICOM member states Trinidad & Tobago at 2.5 percent, Jamaica at 1.2 percent and Barbados at 1 percent.
In 2013 Guyana experienced economic growth of 4.6 percent while Haiti’s growth was estimated at 3.5 percent.
“Overall in the Caribbean region, growth is projected at 3.3 percent for this year. Last year, growth for the Caribbean region was estimated at 2.4 percent in 2013, slightly slower than in the last 2 years.”
The report notes that Latin America and the Caribbean are expected to hasten their growth to 3.6 percent and 4.1 percent respectively in the next couple of years, up from 2.6 per cent in 2013.
The WESP report attributes the positive growth in 2014-2015 to sound macroeconomic policies, resilient domestic demand and the gradual recovery in developed economies.
However, it warns that economic growth remains subject to growth in other economies, mainly the Euro area, the United States and China, which is now growing at a slower pace than in previous years.
