ECNETNews, New York, NY, Fri. August 23, 2024: The Caribbean region is set to achieve an impressive economic growth rate of 8.4 percent in 2024, primarily fueled by the remarkable growth of Guyana’s economy. However, when excluding Guyana, the region’s projected growth rate significantly drops to just 2.6 percent, as indicated by the latest annual report from the Economic Commission for Latin America and the Caribbean (ECLAC).
Guyana is leading the charge with its burgeoning oil sector, which is projected to contribute a staggering 29.2 percent growth rate in 2024. Looking ahead, the overall growth forecast for the Caribbean in 2025, including Guyana, is expected to decline to 6.3 percent, while excluding Guyana, the growth rate plummets further to a mere 2.23 percent.
According to ECLAC data, the projected growth rates by country for 2024 and 2025 are as follows:
| Country | 2024 Growth Rate (%) | 2025 Growth Rate (%) |
|---|---|---|
| Guyana | 29.2 | 17.8 |
| Antigua and Barbuda | 6.3 | 4.8 |
| Dominican Republic | 5.2 | 4.5 |
| Saint Vincent and the Grenadines | 4.7 | 4.6 |
| Dominica | 4.6 | 4.3 |
| Belize | 4.1 | 3.8 |
| Grenada | 4.1 | 3.7 |
| Barbados | 3.7 | 2.8 |
| Saint Lucia | 3.4 | 2.0 |
| Saint Kitts and Nevis | 3.0 | 2.7 |
| Suriname | 2.4 | 2.7 |
| Trinidad and Tobago | 2.4 | 2.2 |
| Bahamas | 2.3 | 1.8 |
| Jamaica | 1.8 | 1.7 |
| Cuba | 0.5 | 1.0 |
This growth forecast highlights the economic challenges facing the Caribbean, especially when Guyana’s exceptional growth is set aside. Although several nations in the Caribbean are demonstrating positive growth, the stark contrast underscores the pivotal impact of Guyana’s oil industry on the region’s overall economic landscape.
