World Bank: Caribbean Economies To Grow Significantly

WASHINGTON, DC – The World Bank’s latest global economic prospects report predicts Caribbean economic growth will reach 7.1% in 2024 and 5.7% in 2025.

Excluding Guyana, growth is forecast at 3.9% in 2024 and 4% in 2025, driven by moderate tourism recovery and remittances.

Specific projections include:

• The Bahamas: 2.3% in 2024, 1.8% in 2025
• Barbados: 3.7% in 2024, 2.8% in 2025
• Guyana: 34.3% in 2024, 16.8% in 2025

The report notes a slowdown in Latin America and the Caribbean due to monetary tightening, with growth projected to decline to 1.8% in 2024 before rising to 2.7% in 2025.

The World Bank emphasizes the need for developing economies to encourage private investment, reduce public debt, and improve infrastructure.