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Caribbean Economic Growth: Improves, but Trails Developed Nations
posted (February 7, 2019)
Are Caribbean economies thriving? And if not, what can be done to improve performance? That was the underlying theme at this year's annual Caribbean Development Bank news conference in Barbados.

Now, there are some bright spots in some Caribbean countries including Belize, while there are the many shortfalls and challenges.

Our Courtney Weatherburne is in Barbados for the event and here is a snippet of the topics discussed including GDP growth, the projections for 2019 and Belize's region-leading increase in tourist arrivals.

Barbados is known for its tasty flying fish delicacies and its inviting sandy beaches among other attractions but here in ST. Michael it is all business at the Caribbean Development Bank's headquarters. Journalists from 12 member states have gathered for the CDB's annual press conference to learn more about the country's overall economic performance over the past year.

Dr. William Warren Smith, President Caribbean Development Bank
"Global economic growth is estimated to have been 3.7% in 2018. Last year, the majority of the Bank's BMCs recorded economic growth averaging 1.9%, compared with 0.5% in 2017."

"Despite projections of deceleration in global economic activity, the 2019 economic outlook for our BMCs is positive. CDB is projecting that real GDP growth will be around 2%, as construction, tourism, and the extractive industries, such as gold and oil, are expected to expand."

"BMCs welcomed growth in visitor arrivals. According to the Caribbean Tourism Organization visitor arrivals increased by 15% in Belize, and by about 10% in the Cayman Islands and in Grenada."

"Far too many Caribbean countries are still grappling with the challenges of fiscal deficits and high public debt, both of which stymie economic growth and hinder transformation and sustainability."

"Debt as a share of GDP decreased in 13 BMCs, although for at least half of our BMCs, the ratio continued to exceed the international benchmark of 60%."

"Belize also recorded a primary surplus, attributable to revenue enhancement measures taken as it sought to meet the requirements of its 2017 debt restructuring programme."

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