GEORGETOWN: Guyana and Haiti are expected to lead the economic growth among countries in Latin America and the Caribbean, according to the United Nations’ annual World Economic Situation and Prospects (WESP) report 2014, released in the South American country.
It said that both Caribbean Community (CARICOM) countries are projecting to have economic growth of 4.5 per cent this year, followed by other CARICOM member states Trinidad & Tobago at 2.5 per cent, Jamaica 1.2 per cent and Barbados one per cent.
Last year Guyana had economic growth of 4.6 per cent. Haiti’s growth was estimated at 3.5 per cent.
“Overall in the Caribbean region, growth is projected at 3.3 per cent for this year. Last year, growth for the Caribbean region was estimated at 2.4 per cent in 2013, slightly slower than in the last two years,” the report said.
The report notes that Latin America and the Caribbean are expected to hasten their growth to 3.6 per cent and 4.1 per cent respectively in the next two years, up from 2.6 per cent in 2013.
The WESP report attributes the positive growth in 2014-2015 to sound macro-economic policies, resilient domestic demand and the gradual recovery in developed economies.
However, it warns that economic growth remains subject to growth in other economies, mainly the Euro area, the United States and China, which are now growing at a slower pace than in previous years.
WESP is produced at the beginning of each year by the UN Department of Economic and Social Affairs (UN/DESA), the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions.
A report by the Economic Commission for Latin America and the Caribbean (ECLAC) last December puts Guyana’s economic growth close to WESP’s projections of 4.6 per cent in 2014.