News Americas, New York, NY, Fri. August 23, 2024: The Caribbean region is on track to experience economic growth of 8.4 percent in 2024, largely driven by the remarkable expansion of Guyana’s economy. However, without factoring in Guyana, the region’s projected growth rate drops significantly to just 2.6 percent, according to the latest annual report from the Economic Commission for Latin America and the Caribbean, (ECLAC).
Guyana, with its rapidly expanding oil sector, is expected to lead the Caribbean in growth, with an estimated 29.2 percent increase in 2024. In contrast, the growth forecast for 2025 for the region, including Guyana, is projected to drop to 6.3 percent. Excluding Guyana, the rate will fall even further to just 2.23 percent.
The following is the projected growth by country for 2024 and 2025, according to ECLAC data:
| 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 projection highlights the economic challenges facing the region, particularly when Guyana’s extraordinary growth is excluded. While other Caribbean nations are showing positive growth rates, the disparity underscores the critical role that Guyana’s oil boom is playing in the region’s overall economic performance.
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