Guyana leads Caricom countries in economic growth for 2023

Guyana is expected to record the highest growth among Caribbean Community (Caricom) countries this year, while Haiti will record under one per cent growth in 2023, according to the latest World Economic Outlook released by the International Monetary Fund (IMF) on Tuesday

According to the IMF, Guyana, which is now recognized as an oil-producing country following the discovery of the product a few years ago, will record economic growth of 37 2 percent this year, increasing to 45 3 percent next year

St. Vincent and the Grenadines, which has the second-highest predicted economic growth of six percent this year, will register a five percent growth in 2024

Antigua and Barbuda with a growth of 5 5 percent this year, will see that figure decline slightly to 5 4 percent next year, while Dominica and Barbados are projected to record economic growth of 4 9 percent this year, dropping to 4 7 and 3 9 percent respectively in 2024

The twin island Federation of St Kitts and Nevis will, according to the IMF projections, record economic growth of 4 5 percent this year, dropping to 3 8 percent the following year, while the Bahamas’ economic growth is projected at 4 3 percent declining significantly to 1 8 percent next year

Belize, Grenada, St Lucia and Trinidad and Tobago will all register growth of 3 or just over 3 percent this year, even as the growth will decline to two per cent next year for Belize, increase to 4 1 percent for Grenada, a decline to 2 2 percent for St Lucia and 2 3 percent for Trinidad and Tobago

The Dutch-speaking country of Suriname will record economic growth of 2 3 percent this year, increasing to three percent the following year, while in the case of Haiti, where political and social unrest has engulfed that country, the economic growth this year will be 0 3 percent, increasing to 1 2 percent next year

In its report, the Washington-based financial institution said that the global economy ’ s gradual recovery from both the coronavirus (COVID-19) pandemic and Russia’s invasion of Ukraine remains on track

It said China’s reopened economy is rebounding strongly and that supply chain disruptions are unwinding, while dislocations to energy and food markets caused by the war are receding

“Simultaneously, the massive and synchronized tightening of monetary policy by most central banks should start to bear fruit, with inflation moving back towards targets,” the IMF said, adding that its latest World Economic Outlook is that growth will bottom out at 2 8 percent this year before rising modestly to 3 percent next year, 0 1 percentage points below the January projections

“Global inflation will fall, though more slowly than initially anticipated, from 8 7 percent last year to seven percent this year and 4 9 percent in 2024,” the IMF said, noting that

Former Jamaican PM Patterson among Caribbean leaders for ‘State of the Black World Conference’

Former Jamaican Prime Minister P J Patterson is among several Caribbean leaders who will speak at a major Black conference in the United States later this month, the advocacy group organizing the event has announced Don Rojas, the Vincentian-born director of communications and international relations for the Institute of the Black World 21st Century, said the prime ministers of Barbados and Grenada, will also feature at the State of the Black World Conference V in Baltimore, Maryland from April 19-23

Percentage Growth Outlook for 2023 for CARICOM nations

the economic slowdown is most pronounced in advanced economies and that inflation is falling more slowly than anticipated

Rojas, a former press secretary for slain Grenada Prime Minister Maurice Bishop, said Patterson will deliver a keynote address on the opening day focusing on “the mission to transform post-colonial societies in the Caribbean and Africa and to enhance democracy and development in those parts of the Black world ”

Patterson

Rojas noted that Patterson holds the distinction of being the longest serving prime minister in the history of Jamaica Currently, he is “Statesman in Residence” at the PJ Patterson Center for Africa-Caribbean advocacy at the University of the West Indies

The Center coordinates public policy continues onA5 – Black World Conference