ECLAC also projected that the region will end 2018 with average growth of 1.2 per cent.
“The year 2019 looks to be a period in which global economic uncertainties, far from waning, will intensify and will arise from different fronts,” said ECLAC in unveiling its last economic report of the year, titled “The Preliminary Overview of the Economies of Latin America and the Caribbean 2018”.
ECLAC said this will have an impact on the growth of the economies of Latin America and the Caribbean, which, on average, are seen expanding 1.7 per cent.
It forecasts that Central America (excluding Mexico) will grow 3.3 per cent in 2019, South America 1.4 per cent, and the Caribbean 2.1 per cent.
The report warns that Venezuela will “suffer a minus 10 per cent contraction in its economy,” Nicaragua, a minus two per cent and Argentina minus 1.8 per cent.
The region’s biggest economies, Brazil and Mexico, are seen growing at two per cent, and 2.1 per cent respectively.
According to the report, the countries of Latin America and the Caribbean will “confront a complex global economic scenario in the coming years, in which less dynamic growth is expected, both for developed countries as well as emerging economies, along with increased volatility of international financial markets.”
“On top of this, there is a structural weakening of international trade, aggravated by trade tensions between the United States and China,” it added.
The overall 1.7 per cent economic growth projection for Latin America and the Caribbean in 2019 is slightly below what ECLAC released last October (1.8 per cent), while the estimate for the current year (2018) was also trimmed to 1.2 per cent (from the 1.3 percent forecast in October).
The report notes “the greatest risk to the region’s economic performance in the run-up to 2019 continues to be an abrupt deterioration in the financial conditions for emerging economies”.
Is a child who has been a consistent failure over a ten year period who gets a 100% score in one test after getting a serious beating from her parents a better student than a child who scores on average 85% on tests over the same period?
An unsustainable 9% growth rate is nothing following a major hurricane when loan and grant funding are made available especially for housing, agriculture and infrastural works.
Prior to Maria Dominica was a failure with negative growth rates, while the other Islands have been trodding along consistently with 2-3% growth rate ….doing a lot better than Dominica.
Our gdp is somewhere around half a billion. Not too hard to improve on that. The next country in line has a GDP somewhere about 70 billion. If you go from 0.50 billion to 0.55 billion that is 10% growth. If you go from 70 billion to 73.5 billion that’s 5% growth. 3.5 is 70 times 0.05 so their 5% growth is still better than our 9%
As much as this is good news we have to be realistic. People look at numbers like this and have no idea what they actually mean. Wait to hear dumb labourites talking about how Dominica is doing better than other countries in the Caribbean
Boom an yet they cry on the country .look people we don’t see but others do is same as Dominican living oversea when they come they a surprise of the amont has Ben done so why we living here can’t see an say when it’s good why
Happy New Year DNO
From my previous blogg,a prediction is just a prediction.Even if Eclac pedicted a 1% growth for this gang of “cannot do” MISLEADERS,they won’t achieve it.See why:
Coffee Plant a failure
Abbatoir A failure
Ross,Ross, Ross. A MASSIVE failure
Airport a failure
Hospital Marigot a failure
Agriculture. A failure
Hospital Roseau A failure.
Tourism a failure
We won’t return anywhere close to to the pre Maria days under a government that lead by lies,deceipt,deception.
Skerrit and a his MISLEADERS need to go!
Skerrit Must Go
Skerrit Must Go
LAZY Skerrit Go Now
Is this some kind of sick joke? How is that going to come to fruition? What is the plan of action, where is the history of Dominica’s past economic growth and how it will help shape the outcome of what is proposed? You better show me some positive data that would allow growth to happen in an economic model that has been proven over and over again, to be detrimental to the socioeconomic stability of the state. SHOW ME!
This is not normal economic growth.It is as a consequence of the massive oayout of insurance settlements post hurricane Maria.Also, the inflows of grants loans and other overseas assistance for post hurricane developmwnt.The combined effect of all these has created economic activity that would not have not occurred had not it been for H urricane Maria.I am certain in the abscence of Hurricane Maria Dominica the prediction would have been negative growth.
LAZY SKERRIT MUST GO!
I am happy that there should be growth in our county. At the same time what are the indicators that there will be growth or is it that the country has fallen so low that we do not have a choice but to grow. When you have hit bottom there is not other place to go than up. I am not saying that we are there but I downloaded the report and was looking at other areas in comparison to other countries. For example our debt has increase by a greater percentage than any other which is not good for us.
I am happy that something positive can be highlighted but I would appreciate if other areas were summarized and mentioned in order to give the country a better understanding of what is going on.
Thanks
Dominica is going to once again be a mythical first!
How can a country with absolutely no manufacturing and exporting industries, producing nothing economy grow more, and faster than islands which are far more developed?
How can a country with an economy based on the sale of passports, and a dependent recipient on handouts economy grow?
Economic growth is the increase in the potential level of real output the economy can produce over a period of time. Economic growth is measured by the annual percentage change in real national output which is mainly driven by the level.
Economic growth means an increase in real GDP: which means an increase in the value of national output; and national expenditure. Economic growth is an important macro economic objective because it enables increased living standards, improved tax revenues and helps to create new jobs.
Someone is again lying; giving false hope to our people; how many hundreds or thousand of jobs will be create…
FET
If all you have is $5 and I give you $5, suddenly you will have increased your assets by 100%. On the other hand, that same $5 that I gave you will only increase your assets by .5% if you had $1000. That increase is relative to the (small) size of our economy, as you alluded to. It’s an improvement, but it does not mean we are going greatly.
On a country level, Dominica will lead regional growth in 2019, with a nine per cent expansion, the Economic Commission for Latin America and the Caribbean (ECLAC) is predicting.
Next in line are the Dominican Republic (5.7 per cent), Panama (5.6 per cent), Antigua and Barbuda (4.7 per cent) and Guyana (4.6 per cent). Congratulations to Dominica are in order here.
To view this scenario from another point compare and consider the actual value in $$ of the countries mentioned and actual $$ value of the growth of each country.
To view this scenario from a 3rd point compare and consider the actual value in $$ of the comparable individual level and the actual $$ value of the individual growth, as opposed to the Country level.
The growth at country level does not in itself indicate the growth of any individual level. We have to look at who is actually benefiting during this growth. For example $30.000.00 with 10% growth = $3,00.0 while $100,000.00 with 5% growth = $5,000. Actual…
Hmm They can only report on data given. The statistics office does not have and also does not want to disclose information. Ask abut the results of the last census.
On this New Year’s Eve, I want to personally express profound gratitude to DNO for giving a voice to the voiceless, for being fair and balanced, for putting up sometimes with our crude comments. I wish your management, staffers, journalists much success in all your future endeavors. HAPPY NEW YEAR!
ADMIN: Thank you. Happy New Year to you as well.
And they have done an excellent job in doing so!
They are not perfect; however, nothing is perfect; fairness and tolerance they display. If DNO can tolerate me, one must appreciate and give them credit for doing an excellent job. The beauty about it is the administration seem to be highly neutral, I have yet to see any slant or political bias.
That is a good thing, sometimes we do not see everything we submit; but if it appears as if it will cause a legal liability, I believe they are within their rights to have certain comments censored!
Anyway they are an excellent conduit through which we voice our opinions: We know what we say might not change anything in Dominica, but at least I definitely know that the powers that be are getting the message, and one way other those of us with educational and sound disseminating information could help to change the status quo politically!
Great comment, my brother. Truly, DNO is doing an excellent job by posting the comments whereby we are able to free our minds and sometimes to inform the public as well. I trust that you will have a better year and that you will continue to express yourself on this medium.
HOTEP (PEACE)
Fully agreed, Francisco! I don’t want any inclination of bias from the news media. I relish their objectivity and their timeliness. Keep on punching above your weight, DNO. There’s always room for improvement. One thing that I’ll like to see more, investigative journalism. I know it is costly and it’s like pulling teeth getting information from the local public service entities. The country needs to know about the $100 000 000 disappearance of the PetroCaribe money, (there was rioting in Haiti for this exact reason), a full accounting of the sale of passport, the awarding of no bid public contracts, etcetera.
This is only a prediction. Let’s hope that the prediction is true for the sake of the unemployed, the poverty-stricken, the many dead-broke citizens. For the last eighteen (18) years, the only things beyond doubt are hardships, increased joblessness, and indebtedness, ubiquitous corruption and political victimization and division. This is irrefutable. The economy of Dominica has been anemic and in the Intensive Care Unit (ICU) at the PMH for the last eighteen years. Dominica has been at the rear or close to it in all economic indicators ( Tourist Arrivals, Economic Growth, Infrastructural Development, Minimum Wage, etcetera).
After you have done a thing the same way for two years, look at it carefully. After five years, look at it with suspicion. And after ten years, throw it away and start all over.
After eighteen years of an unproductive, failed government, it’s the opportune Time For Change.
PMH’s ICU is the morgue equivalent; anyone reaching there is as good as dead. An ICU stop is just a pit stop on the way to the morgue.
Thank you DNO……and Happy 2019 to you and your staff .
Sadly if this is true,the 9% growth will only return the country (Dominica), to where it was before hurricane Maria,which was at the bottom of the barrel….I thought 2018 would have been the year,but the incompetence of the DLP MISLEADERS and their cannot do attitude stultified that.
So don’t let Skerrit and his MISLEADERS hoodwink you all…We are just returning to the pre Maria days of begging,high unemployment,hopelessness, frustration,insult,mismanagement,etc…Ask any economist!!!
DNO great internet news medium..Happy 2019!!!!
Skerrit Must Go
Skerrit Must Go
LAZY Skerrit Must Go Now
% % when will you stop being negative or hateful???? The year is ending. What have you as an individual done to ensure we are on a better track? You energies spent on “Skerrit Must Go
Skerrit Must Go
LAZY Skerrit Must Go Now” is very unacceptable. I suspect it is you that is Lazy! so much time hating one Man ( A Dominican like yourself (I hope you are)!
In the Name of Jesus, I declare & decree that Dominica is not at the bottom of the barrel! We are moving up and about! Lord we give you this % whosoever he is. We pray for him Lord. Cover him, convict his heart Father. Overpower with love which you alone can give in such a measure. Change his stony heart to a heart of flesh so he can love you first,open his eyes of understanding that he can show empathy &love to others. Show him how to respect others even if he does not support the person’s party. Instill in him a sense of responsibility that he will be grateful first to you for the strides we have made. Thank you…
Amen and amen
For too long this negative person has been cursing our country
It’s time God shut him up
have you ask that question to the government you voted for, what have they done to improve yur standard of living and economic growth of your Counter? When I last check it was their job and responsibility.
You tell the truth and the sheep-like supporters of this unethical, untrustworthy, unprincipled, unscrupulous, elitist bureaucracy call it cursing. As I have said previously, speak the truth and they think it is hell. To expose the wrongdoings of a nakedly corrupt government should be applauded not condemned. Can a leader of a desperately poor country become so filthy rich from a measly civil servant salary? Corruption does that! Corruption is directly responsible for the many taxes, the meager salaries of public servants, the diseased pothole roads, the poor and inadequate infrastructure and the list goes on ad nauseam.
I never give them hell. I tell the truth, and they think it’s hell.
In Dominica, the truth is scarce and you pay a high price for it.