CDB Issued Regional Report and Economic Forecast for 2018-2019

The Caribbean Development Bank (CDB) said in its regional assessment and economic outlook report that the Caribbean region has grown a substantive rate over the last year, primarily due to tourism growth and hurricane recovery. Financial position of the Caribbean countries mostly remained positive, with decline of the public debt in the region from 67% of GDP in 2017 to 63% in 2018. Debt-to-GDP ratios fell in 13 borrowing member countries, and debt is still over 60% in 11 territories.

The Caribbean development bank forecast economic growth for almost all its member countries, with an average rate of 2%, noting that growth depends also in international trends. The CDB projected that Grenada will have the fastest economic growth in 2019, along with Guyana, Suriname, and Trinidad and Tobago. It is expected that economic growth will continue in the British Virgin Islands, together with continued recovery from hurricanes of 2017. Business services, tourism, construction and agriculture will provide growth in most member countries.