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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