Haiti will have the fastest economic growth in the Caribbean

Haiti is estimated to have the fastest economic growth in the region of 4.5% this year and 4.8% in 2015, indicated the United Nation’s (UN) report World Economic Situation and Prospects 2014.

 

In 2013, the Haitian economy grew at a 3.5% rate according to the study.

 

The second fastest growing economy in the region is Guyana, with an estimated growth of 4.5% in 2014 and 4.0% next year. The Dominican Republic’s economy is also growing at a projected rate of 3.4% this year and 4.4% next year.

 

According to the UN report, the Caribbean region is still struggling to recover from the impact of the global financial crisis in 2008. In 2013, the Caribbean economy is estimated to have expanded by 2.4 percent, a slightly slower pace than in the past two years.

 

“External demand has been subdued, particularly for the tourism sector, given the relatively slow economic recovery in the US and Europe. Weaker commodity prices have also affected exporters in the Caribbean, while domestic demand has been relatively weak following fiscal austerity measures and high levels of unemployment.

 

However, the anticipated economic recovery in developed economies is expected to boost the tourism sector and have indirect spillover effects into other sectors, bringing the sub-region’s GDP growth to 3.3 percent and 3.8 percent in 2014 and 2015, respectively,” indicated the United Nations report.

 

See full report on the Caribbean here.


Article Tags: #Haiti #Economic growth #Caribbean #UN #study #World Economic Situation and Prospects 2014
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