Caribbean economies are forecast to grow by approximately 2.1% during the course of 2019 according to the Economic Commission for Latin America and the Caribbean (ECLAC).
While acknowledging “greater uncertainty” in the global environment due to volatility in international finance and trade tensions between the USA and China, economic growth is expected to pick up form the 1.2% projected for the region in 2018.
The Latin America and Caribbean region is expected to achieve an overall growth rate of 1.7% this year, including 3.3% in the Central America sub-region.
ECLAC: Caribbean economies to grow 2.1% in 2019
Tourism & Real Estate Contributing to Growth
Much of this growth can be attributed to the flourishing tourism sector, construction and real estate in the Caribbean.
While tourism and real estate in Central America remain important, other sectors also play an important role such as financial services in Panama.
Dominica Forecast to be Region’s Fastest Growing Economy
The Eastern Caribbean island of Dominica is expected to be the fastest growing economy in the Caribbean and Central America region, with an uplift of 9% forecast.
Much of this growth is due to investment in rebuilding the nation following the severe hurricane season of 2017.
Dominican Republic Expected to be Next Fastest
The Dominican Republic is expected to achieve the second highest rate, with economic growth forecast at 5.7%.
Consistently one of the fastest growing economies in the Caribbean and Central America region for several years, the Dominican Republic is achieving rapid economic expansion primarily due to the growth of its tourism sector and construction which is benefiting the market for real estate in the Dominican Republic.
Panama, Antigua & Barbuda and Guyana Also to Achieve Significant Economic Growth
ECLAC believes that Panama, Antigua & Barbuda and Guyana will follow, achieving 5.6%, 4.7% and 4.6% respectively.