Like last year, the United Nations’ annual World Economic Situation and Prospects (WESP) report 2014 projects that Guyana and Haiti will take the lead in economic growth for Latin America and the Caribbean.
Both countries are projected to grow by 4.5 per cent this year. The report said that Guyana grew by 4.6 per cent in 2013 while Haiti was pegged at 3.5 per cent. Guyana has experienced seven years of consecutive economic growth. 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. Latin America and the Caribbean are expected to hasten their growth to 3.6 per cent and 4.1 per cent in the next couple of years, up from 2.6 per cent in 2013, according to WESP.
The report attributes the positive growth in 2014-2015 to sound macroeconomic policies, resilient domestic demand and the gradual recovery in developed economies.