Caribbean Development Bank Projects Regional Growth

Slow growth in the Caribbean during 2012 will continue this year in the region, according to estimates released today by the President of the Caribbean Development Bank (CDB), William Warren Smith.

Gross Domestic Product in Guyana and Haiti alone may increase by more than five percent, respectively, according to CDB projections, he said.

Although tourism is considered a key sector in the recovery of this area, main markets like Europe and the United States continue with economic problems, a high unemployment rate and strong fiscal adjustments, Smith said.

In most Caribbean states the trend for moderate or negative growth will continue, and in many of them GDP growth will not exceed one or two percent in 2013, said CDB director Juliet Melville.

Much depends on the tourism industry and the financial sector, but the global picture is not as favorable for such activities, she noted in remarks quoted by barbadosadvocate.com.

Source: Prensa Latina