Guyana tops Caricom Countries in 2023 Economic Growth Projections

April 27, 2023


According to the International Monetary Fund’s (IMF’s) most recent World Economic Outlook, Guyana is predicted to have the highest economic growth among Caricom countries this year (37.2%), while Haiti will experience the lowest growth (less than 1%) in 2023.

The second-highest expected economic growth for this year is 6% and will be experienced by St. Vincent and the Grenadines. In 2024, it will rise to 5%.

The expected economic growth for Dominica and Barbados is 4.9% this year, falling to 4.7% and 3.9%, respectively, in 2024, while Antigua and Barbuda’s growth of 5.5% this year will slightly slow to 5.4% next year.

The Bahamas’ economic growth is anticipated to be 4.3% this year and dramatically decline to 1.8% the next year and the twin island Federation of St. Kitts and Nevis will have economic growth of 4.5% this year and 3.8% the following year.

IMF predicts that Belize, Grenada, St. Lucia, and Trinidad and Tobago will all experience growth of 3% or slightly higher this year, while growth in Belize will fall to 2%, Grenada will experience growth of 4.1%, St. Lucia will experience growth of 2.2%, and Trinidad and Tobago will experience growth of 2.3%, the following year.

The Dutch-speaking country of Suriname will record economic growth of 2.3% this year, increasing to 3% the following year, and in the case of Haiti, the economic growth this year will be 0.3%, increasing to 1.2% next year.

The slow recovery of the world economy from the pandemic and the Russia-Ukraine war remains on track. Supply chain disruptions are unwinding, and China’s economy is seeing a solid recovery. IMF believes global inflation will decline from 8.7% last year to 7% this year and 4.9% in 2024, albeit more slowly than previously predicted.



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