ECLAC confirms Antigua and Barbuda’s economic growth projections

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Latin America and the Caribbean: Growth Projections for 2023-2024

Region Faces Mixed Economic Outlook with Varied Growth Rates

In the ever-evolving landscape of global economies, Latin America and the Caribbean are poised for a mix of growth and challenges in the coming years. As projections for 2023-2024 roll in, the region as a whole is expected to experience a moderate slowdown, with various sub-regions and individual countries displaying diverse economic trajectories.

Regional Overview:

The overall Gross Domestic Product (GDP) growth for Latin America and the Caribbean is estimated to be 2.2% in 2023, with a slight dip to 1.9% in 2024. This moderate deceleration reflects a complex interplay of factors, including global economic conditions, regional policies, and the ongoing challenges posed by the COVID-19 pandemic.

Sub-regional Breakdown:

Latin America: The Latin American sub-region is anticipated to register a GDP growth of 2.1% in 2023, dipping to 1.8% in 2024. Countries in this category are grappling with both internal and external factors that contribute to the nuanced economic outlook.

South America: South America is expected to see a slower growth rate, with projections at 1.5% in 2023 and a marginal decline to 1.4% in 2024. Economic conditions in some countries, coupled with external trade dynamics, are influencing these modest growth rates.

Central America: In contrast, Central America is poised for robust economic expansion, with a growth rate of 3.4% in 2023 and a marginal decrease to 3.2% in 2024. This sub-region benefits from increased regional cooperation and strategic economic policies.

Central America and Mexico: While Central America and Mexico are set to experience a growth rate of 3.5% in 2023, a slight dip is projected for 2024, with a rate of 2.7%. Mexico’s economic policies and trade relationships continue to play a pivotal role in shaping this outlook.

The Caribbean: The Caribbean stands out with a notably higher growth rate, projected at 9.4% in 2023 and 8.3% in 2024. However, when excluding Guyana, the growth rate decreases to 3.4% in 2023 and 2.6% in 2024.

Country-Specific Highlights:

Several Caribbean nations exhibit distinctive growth patterns:

Antigua and Barbuda: Expected to grow at 8.5% in 2023 and 8.2% in 2024, the nation’s tourism-dependent economy demonstrates resilience and adaptability.
Guyana: The standout performer, Guyana, is projected to experience an exceptional growth rate of 39.2% in 2023, followed by a substantial but lower 28.9% in 2024. The country’s burgeoning oil and gas sector underpins this remarkable economic surge.
Jamaica: Jamaica is forecasted to have a growth rate of 2.1% in 2023 and a marginal decline to 1.9% in 2024, reflecting a steady but measured economic trajectory.
Trinidad and Tobago: This oil-rich nation anticipates a growth rate of 2.7% in 2023 and a slight decrease to 2.4% in 2024, as it navigates the challenges of global energy markets.

As Latin America and the Caribbean prepare for the years ahead, policymakers and businesses alike will need to navigate a diverse economic landscape, addressing both shared regional challenges and unique country-specific dynamics to foster sustainable growth.

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