BUSINESS MONDAY: ZERO GROWTH IN 2019

IN terms of economic growth in 2019, Barbados is expected to finish down the pack, according to the Economic Commission for Latin America and the Caribbean (ECLAC).

In its growth outlook and projections for Latin America and the Caribbean, ECLAC figures show that among Caribbean countries, Barbados is set to record 0.0 growth this year.

The country is currently involved in a four-year International Monetary Fund (IMF) programme. The programme aims to inject about $500 million into the economy. There is also a debt restructuring programme in place.

However, the United Nations agency said that next year growth will be in the vicinity of 1.3 per cent, bettering only the Bahamas’ minus 0.6 per cent.

Dominica, Antigua and Barbuda, Anguilla, Guyana and St. Kitts and Nevis are the economies that will record strong growth in 2019.

Dominica is set to expand nine per cent, followed by Anguilla (6.3 per cent), Antigua and Barbuda (6.2 per cent), Guyana (4.5 per cent) and St. Kitts and Nevis (3.3 per cent).

Overall, growth for the Caribbean in 2019 will average 1.4 per cent.

For next year, the same countries and especially Guyana will be leading the growth trend. However, Dominica’s will be slashed by almost half.

According to ECLAC, “The marginal growth trend is expected to continue into 2020 for most Caribbean economies, but will be heavily driven up by skyrocketing growth of 85.6 per cent forecast for the Guyanese economy.”

This uptick, ECLAC noted, stems from the commercial oil production by Exxon Mobil carded to begin in December 2019.