Economic Review 2024 & Outlook 2025
CDB Borrowing Member Countries
Economic Performance in 2024
Fiscal outturn: Mostly positive.
Excluding Guyanaslowed to 1.7% With Guyana 8.8%
in 2023
Regional Growth: Regional Debt-to-GDP: down from 2.5%
countries received upgrades to their sovereign credit ratings: Anguilla, Barbados, Belize, Jamaica, and Suriname. 5 15 declined to 50.9% compared with 55.6% in 2023.
of CDB’s BMCs surpassed prepandemic real output levels.
Service exporters: Grew by 1.6% in 2024 down from 2.8% in 2023.
Rising import payments dampened tourism gains in most BMCs' external current accounts.
Many BMCs reported primary surpluses.
Foreign exchange reserve positions: Remain healthy.
Financial sector: Broadly stable.
Inflation: Continued to ease from 2022 peak.
Unemployment: Declining rates.
Economic Review 2024 & Outlook 2025
Projected growth:
Guyana - 11.9%
Projected growth: Commodity Exporters: 7.6% (3.1% excluding Guyana)
Service-exporting economies: 2.2%
Growth Drivers:
Tourism Construction (public & private investments) 2025 Economic Projections for 4.6% (with Guyana) 2.5% (excluding Guyana)
Risks to the 2025
Outlook
Slowdowns in major trading partners
Continued geopolitical tensions
Natural hazards
Resurgence of protectionist policies
Delays in capital investments across the region
Development Imperatives for 2025 and Beyond
Building resilience to Climate Change and natural hazards
Upgrading business ecosystems to facilitate diversification of regional economies, including:
Building out and modernising logistics infrastructure e.g. road networks, ports and storage facilities
Streamlining, digitalising and modernising regulatory systems e g corporate registration and port community systems
Building out business support systems
Increasing access to suitable financing for businesses at various stages of their life cycle
Prudent public financial management to promote macroeconomic stability and better development outcomes