Guyana leads Caricom countries in economic growth for 2023

According to the most recent Global Economic Outlook published by the International Monetary Fund (IMF) on Tuesday, Haiti will only have 1% growth in 2023, while Guyana is predicted to experience the fastest growth among Caribbean Community (Caricom) nations this year.

The IMF predicts that Guyana, which has gained international recognition as an oil-producing nation since the discovery of the commodity a few years ago, would experience economic growth of 37.2% this year and 45.3% next year.

St. Vincent and the Grenadines, which is expected to see the second-highest economic growth this year at 6%, will experience a 5% growth in 2024.

While Dominica and Barbados are expected to see economic growth of 4.9 percent this year, falling to 4.7 and 3.9 percent, respectively, in 2024, Antigua and Barbuda’s growth rate of 5.5% will slightly reduce to 5.4 percent next year.

According to IMF predictions, the twin island nation of St. Kitts and Nevis would have economic growth of 4.5% this year before reducing to 3.8% the following year, whereas the Bahamas’ economic growth is predicted to be 4.3% this year before sharply declining to 1.8% the following year.

The economies of Belize, Grenada, St. Lucia, and Trinidad and Tobago will all grow by 3 or slightly more than 3 percent this year; however, in the following year, Belize’s growth will fall to 2%, Grenada’s growth will rise to 4%, St. Lucia’s growth will fall to 2.2%, and Trinidad and Tobago’s growth will fall to 2.3%.

The Dutch-speaking nation of Suriname will see economic growth of 2.3% this year, rising to 3% the following year, whereas Haiti, where political and social upheaval has gripped the nation, will experience economic growth of 0.3% this year, rising to 1.2% the following year.

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The financial institution based in Washington stated in its study that the global economy’s slow recovery from the coronavirus (COVID-19) pandemic and Russia’s invasion of Ukraine is still on schedule.

According to the report, the war’s effects on the oil and agricultural markets are waning while China’s reopened economy is experiencing a robust recovery.

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