• Today
    November 16

  • 12:07 AM

C’bean economies will rebound

SHAWN CUMBERBATCH, shawncumberbatch@nationnews.com

Added 17 June 2017

businessauthority-new

TOURISM WILL HELP Caribbean economies grow this year.

That’s the prediction of the World Bank in its new report Global Economic Prospects: A Fragile Recovery.

“Strengthening tourism demand underlies an expected acceleration in growth to 3.3 per cent in the Caribbean,” said the forecast.

It added that overall the economies of Latin America and the Caribbean are expected to “strengthen” this year after a difficult 2016.

The financial institution said “regional output contracted 1.4 per cent in 2016, pulled down by recessions in Argentina, Brazil, and Venezuela”.

However, it added: “growth in Latin America and the Caribbean is projected to strengthen to 0.8 per cent in 2017, as Argentina and Brazil emerge from recessions”.

“In the Caribbean, the deceleration in 2016 reflected a modest slowdown in the Dominican Republic, the largest economy in the region, on the completion of construction projects and weakening manufacturing growth. Contraction in several commodity-exporting countries (Belize, Suriname, Trinidad and Tobago) also contributed to the deceleration,” the report stated.

“Although recent data suggest that the regional economy is stabilizing after two years of contraction, the recovery is expected to be subdued in the short term. Growth is projected to reach 0.8 per cent in 2017, supported by strengthening private consumption and an easing contraction in investment, despite a slowdown in Mexico as uncertainty about [United States] economic policy dents confidence.

“Regional growth is expected to accelerate to an average of 2.3 per cent in 2018-19, as the recoveries in Brazil and other commodity exporters advance. The main downside risks to the outlook arise from domestic political and policy uncertainty and from possible policy changes in the United States.”

The World Bank also said “a growth recovery in commodity exporters in the region will be offset to some extent by easing growth in Mexico”.

“The pace of the regional recovery is projected to be slower than forecasted in the January Global Economic Prospects as a result of a more protracted adjustment to previous commodity price declines and continued policy uncertainty,” it noted. (SC)

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

POLL

Do you think that fees at commercial banks have increased too much?

Yes
No

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

INSTAGRAM