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In 2023, Latin America and the Caribbean experienced a significant economic slowdown, growing just 2.2%. The outlook for the region is good, with the exception of Guyana, which is experiencing a resource boom. Caribbean economies are expected to grow by 4.1% in 2024 and 3.9% in 2025, partly due to the ongoing expansion of the tourism sector.
Guyana’s transformation over the last five years from one of the poorest countries in the western hemisphere to the fastest growing economy in the world in 2023 has fueled an impressive infrastructure and construction boom that could have wide reaching positive implications for the Caribbean region. Despite this, the global economy overall is unlikely to thrive in 2024 as states continue to battle inflation and high interest rates, and in the Caribbean the challenge of intra-regional travel among the small island states of the sub-region presents an additional hurdle.
While the global economy faces challenges such as inflation and high interest rates, the outlook for 2024 remains fair. The resilience and adaptability of economies globally offer hope for gradual recovery and sustained growth in the years ahead.
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