Caribbean Economies to Grow By 3.6 Percent in 2014: Report

Above: St Vincent and the Grenadines (Caribbean Journal photo)

By the Caribbean Journal staff

The Caribbean region is projected to see 3.6 percent growth in Gross Domestic Product this year, according to a mid-year update of the United Nations’ World Economic Situation and Prospects Report.

The region’s 3.6 percent economic growth rate comes after an estimated 2.9 percent improvement in 2013. The growth rate actually represented a 0.3 percentage point upward revision compared to the projection at the beginning of 2014.

That is higher than the projected growth rate of the neighbouring Mexico and Central America region, which is projected to grow by 3.3 percent this year. South America as a whole is projected to grow by 2.1 percent this year.

The combined Latin American and Caribbean region is projected to grow by 2.6 percent this year, according to the report.

The Caribbean’s 3.6 percent growth rate compares favorably with several larger countries, however: the United States’ economy is projected to grow by 2.8 percent this year, while the European Union’s economy is projected to grow just 1.6 percent in 2014.

The report forecasted a 3.7 percent GDP growth rate for the Caribbean in 2015.