Dominica second slowest growing economy in 2014 – report

economic growthDominica’s economy will be among the slowest to grow in the Caribbean in 2014, according to projections published by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

The island’s economy is projected to grow by a mere 1.2 percent of GDP in 2014. It is tied in second place with Jamica, whose economy is also projected to grow by 1.2 percent.

Barbados’ economy will record the slowest growth, according to the projection, with just 0.5 percent of GDP, according to the report.

Cuba is ranked third with projected growth of 1.4 percent, followed by St. Vincent and the Grenadines with 1.5 percent.

The report shows that the Dominican Republic will record the highest projected growth of 5 percent in 2014, followed by Guyana at 4.5 percent, Suriname at 4.4 percent and Haiti at 3.4 percent.

In April ECLAC had projected that the Caribbean and Latin American economy would grow by 2.7 percent in 2014 but has now revised the projected growth to 2.2 percent.

See full figures below of the projected growth in economies, with the fastest to the slowest. (Source ECLAC/Caribbean Journal).

projected growth

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52 Comments

  1. Wellington
    September 16, 2014

    Country men and women. Love of country should always come before love of party. Hand outs, giveaways and begging are never a good thing. Job creation, innovation, education and less taxation are keys to growing an economy. Ask yourself has the current government provided any of those things to a degree consistent for growth? Then there in lays your answer. The organization conducting this study I’m sure is neutral and doesn’t know the political parties in DA. So put the politics aside and use common sense.

  2. Butterfly
    August 13, 2014

    That’s not true. Skerrit, Tony the irrelevant shadow PM and Simeon Albert the greatest financial wiz kid et al, all said Thompson lied followed by, Cecil mayor without portfolio and Darryl I turn on Eddison after calling him the only father I know Titre. That article is wrong. Dominica is in first place, we’re doing so well we lending money to other islands.

  3. The Facts
    August 12, 2014

    You must utilize your common sense which also means your head and brains. Dominican Republic and Haiti must be ahead, far advanced of Dominica. More money is being poured into those countries. After the earthquake, million of dollars if not billions were raised for Haiti.
    If those countries are so progressive and their growth exceeds Dominica, the D/ca government should not allow anymore of them into the country for they are dependent on the government for financial assistance. Considering this, it would be wise to send those who are non-contributory back to their country for D/ca cannot afford to sustain them.
    Dominica government wake up!

  4. young voter
    August 12, 2014

    people bare in mind that we are dealing with percentages. you would be surprised that Jamaica’s 1.2% growth and Barbados 0.5% are still a 100 times better than Dominica’s 1.2%. Take for example in the CXC results they might say school X got 100% pass in English, just to find out it was 1 student who registered and got a 1. Unlike school Y who registered 10 students and 1 failed it would be 90% pass. Does it mean that school X did better? Percentages are not clear. I feel Dominica is LAST! :(

  5. longtong
    August 12, 2014

    I was in Roseau yesterday August 11 2014 and I pass to get alittle Subway and the place was bottled was..

  6. longtong
    August 12, 2014

    Who or what is ECLAC??? anywayy kudose to our IMF economist Dr. Tompsent Fountain who was right all along concerning Dominica and Haiti..
    t

    • donkey business
      August 14, 2014

      well read nah… it say what uneclac is in the article… United Nations Economic Commission on Latin America and the Caribbean… :lol:

  7. Madam M
    August 12, 2014

    Dominica is a place where mostly the people own their own businesses and the government hardly own anything because they are too busy eating the money they get to develop their country. Instead of trying to create jobs build a better hospital, better airport, a better market bulit properly in the town even a mall in this day and age. Dominicans wake up stand up for what is right or things will never change.

  8. Affa
    August 12, 2014

    The real story here is that for instance, a local company tries to make toliet paper and get little or no incentives to get off ground or even to grow, so it tells me that this Gov’t is not conducive to business.

    However, the D.R, Guyana, Surinam and haiti economies can only go up, any lower we might as well take them all in to live with us. Not much of a story there, if we are grouped with economies like B’dos.

  9. JoJo
    August 12, 2014

    Oh boy, whom will Roosevelt blame for this one? How are his spin doctors going to twist this one?

  10. Dominican
    August 12, 2014

    you guys are so so stupid who carried out the survey how on earth could St.Lucia and the other Islands mentioned score higher than Barbados, Jamaica and Trinidad come on open your eyes.
    I never trust any survey I believe that it is in their own interest to carry out such idiotic surveys.
    as for those of you who jump on the bandwagon againgst the Government good luck to you lot.
    i do hope that all your trouble’s will be small ones. Despite the recession all is well with everybody.

  11. Preacher
    August 12, 2014

    I do understand this report are they saying that hati is going to grow faster than dominica
    Somebody explain

  12. Anonymous
    August 11, 2014

    So finally, a report you blues can dig into! All the others that spoke glowingly of Dominica’s economic performance were false. But this one is true? And when you all finish you all will make forsement you all are patriots pas vway?

  13. natural dominican
    August 11, 2014

    change is a must regardless of what that means. no PM should get more than two terms in government. new ideas, new innovation; whether from a different party or a different leader from the same party. the members of DLP cower behind man. STEP UP OR GET OUT

    • Preacher
      August 12, 2014

      Sorry Linton will not get 6 months much less a term

  14. dafriend
    August 11, 2014

    all I can say is: thank you very much Dictator Skerrit.
    Haven’t you done well…???

  15. Lougaoo Mem
    August 11, 2014

    Again, it’s all part of the next level you were promised. You were told all kinds of lies that we are doing so well, better than many of our neighbors. Well, here you got the truth. What say you the supporters of lies and deceptions? Nevertheless, the spin operators are still going to convince you that all is well with our economy.

    People take heed! Unless you vote these corrupt members of parliament out of office, things are going to get worst. All I know is, while the economy is doing very bad, their wealth continues to get wealthier. Wake-up Dominicans! Stop being taken for a ride by those who continue to fool you. I’m talking to you the LABOURITES, I beg you to think of the future of the children, and stop being selfish and greedy.

  16. Lang Mama
    August 11, 2014

    I find ECLAC trying to embarrass the government of Dominica. How can ECLAC ignore the fact that the pampers and free toilets will grow the economy by 5%.
    ECLAC our economy has been booming and according to Mathew the economy is not pooming at all. All is we’ll with bowels of the Dominica economy.

    • wepapa
      August 12, 2014

      :( Lang Mama – I get the joke but I en know if I 8) should give you thumbs up or thumbs down

  17. Bible believer
    August 11, 2014

    If anything, this report has clearly answered one of the biggest lies told by the DLP and their agents. They always like to blame failure of the economy on small population and the mountains. However, both Barbados which is last in the GDP and Jamaica, which is tied with Dominica are much more populated than us and they are both much flatter. I guess the only thing Dominica will occupy first place in or ranked high in, is CORRUPTION.

  18. ANOYMOUS
    August 11, 2014

    WHAT DO YOU HAVE TO SAY ABOUT THAT MR DARYL TITRE.

    • Jail-corrupt-leaders
      August 12, 2014

      Tell him Again

  19. Anansi
    August 11, 2014

    There is a marked difference between infra-structural developments (assets) and a country’s current account. While we have been receiving Chinese “gifts” – bragging about new stadium, roads and so on, We are being slammed by what I term a triple dilemna: Our industries are crumbling, our young people demoralized, and our imports are soaring. This was already predicted, but those in power turned a blind eye and cocked both ears. It will be a difficult task ahead for the incoming UWP/Team Dominica, but if they can turn things around by focusing on, though not exclusively on the triple dilemna, there should be no reason why Dominica cannot be in top three GDP growth countries by 2020.

    • simpson
      August 11, 2014

      very good and valid points. in my view all those ‘free gifts’ are very dangerous because they undermine an ability to rely on own resources and develop a ‘culture of dependency’…road and stadium from china here and there, some free loans here etc…Dominica takes huge risks!

    • NYPD
      August 12, 2014

      Sometimes i wonder if you guys have a TV in your house. My friends the world economy is in a shamble. I don’t care what PM your have at the helm.

  20. sunne
    August 11, 2014

    but what is dat or me na. to me skerrit said in his budget presentation that the economy would grow by 5%. so he lied all the time….change is a must!!!!!!!!!!!!!!!1111

    • UDOHREADYET
      August 11, 2014

      So what if it grew more than the number he stated… would change still be a must?

      • Country Woman
        August 11, 2014

        You hearing your self? WHAT IF? my dear, this government has been in power for 14 years, you still saying what if? come on face the facts, lets vote them out, try something new, if UWP fail us then we will vote them out too.

      • Nac Vibes
        August 11, 2014

        yes

  21. Simpson
    August 11, 2014

    its predictable and explainable result. Instead of creating favorable business environment, Caribbean governments deal with such things as:
    – thinking where to ask for more help (grants, interest free loans, donations, all kind of supports, relief, technical assistance and other ‘free and easy money’)
    – discussing how to get reparation and compensation for slavery etc
    – trying to create system where the public sector is an origin of employment
    – blaming some mystical external forces like: international economy, lack of opportunity etc
    – spending budgetary funds on very questionable projects and completely ignoring those industries which brings revenue
    – neglecting duty of accountability: how many Caribbean governments can shown audited financials…audited not by some biased governmental controller but international auditor law firms?

    So what serious international firm is going to open office in Dominica and invest locally?

    • joe
      August 11, 2014

      Simpson this must be the DUMMIEST comment of the CENTURY, yes my boy you take the trophy, CONGRATS!!!!!!!!

      • Nac Vibes
        August 11, 2014

        Is it because the truth hurts why you calling the person dumb?

        You sound like pot calling the kettle black.

  22. mamo
    August 11, 2014

    Skerrit is not going to and cannot grow the economy. It’s the labor force (the population) which has to put their hands to the till, bring both the public and private sectors to cooperate on national building projects in an business friendly environment encouraged by the appropriate government agencies.

    Moreover, the government must attract foreign investment; but when it seems illegal ‘to cut even a tree’ in Dominica populated by a generation of paupers who has time to invest their time in the red clinic instead of honing their entrepreneurial skills, who would take the risk and come invest in Da.

    Dominica is a labor of love [sigh]

  23. ecoutez bien
    August 11, 2014

    And yet the highest in corruption and ‘denaturing’ of truth. A Government with no moral compass led by the AM skerrit with a midnight brain.

  24. ?????????
    August 11, 2014

    Well as they say…”labour ca twavay”

    But they will look at the results and say big barbados doin worse than us

  25. UDOHREADYET
    August 11, 2014

    Seriously? We’re doing better than Barbados and Jamaica in terms of growth and Haiti is doing better than Bahamas and Trinidad yet people have the guts to comment. Obviously growth is not a direct representation of of wealth or standard of living… since Bahamas & Trinidad are the richest Caribbean countries. Also Cuba just had 32 billion of their debt forgiven by Russia, we should compare Caribbean countries in terms of debt to GDP for an accurate measurement in terms of economical health.

    • goon
      August 11, 2014

      you need some medication man, don’t even try to put Dominica close to Barbados, even if Barbados didn’t have no growth for 2014 Dominica would still be nothing to Barbados, so forget about this talk about doing better in growth, please negro.

      • UDOHREADYET
        August 11, 2014

        @goon. you sound like a goon, goony. I did not write the article, I simply restated what is already written which is a fact. Also if you read and understood what i wrote you would understand that i’m indirectly supporting your statement about Dominica and Barbados in that growth does not correlate with wealth. Sot.

    • August 11, 2014

      Debt to GDP would be a useful indicator, yes. GDP per capita would be even better, provided that Gini coefficient (which measures income equality) is also considered.

      On the other hand, money isn’t everything. You might not know it from how Dominicans like to complain, but in the most recent rank of national happiness, Dominica scored very highly.

      • Jay
        August 12, 2014

        Steve, I am intrigued. What/where is that source of ranking “national happiness”? You are not confusing that with bwa bnday are you?

      • ......
        August 13, 2014

        You say money does not bring happiness…Without money you are like a dog in the street..

    • MSheree
      August 12, 2014

      This is the most rational comment I’ve read so far. I am surprised at the number of dislikes. For one this is projected growth for 2014. The year isn’t over yet that means those numbers can fluctuate in either direction. For example, if a country increase their export over import for the latter part of the year then the projected annual growth is likely to increase. If on the other hand a country should have 2 hurricanes during the hurricane season that wipe out most of the agricultural products that they export then it’s highly likely that their projected growth will be lower.

      Also, projected growth does not mean that the country is doing worse than most other Caribbean countries. Guyana and Haiti have projected growth of 4.5% and 3.5% respectfully but their economy is in no way doing better than the Bahamas or Jamaica for that matter whose projected growth are 2.3% and1.2% respectively.

      Growth is just the change in the economy over a one year period. When the US was going through the recession growth was basically flat but that didn’t mean that all Americans were living below the poverty level. Likewise, Barbados economy is doing better than Jamaica and Dominican but this year they are projected to experience the lowest growth in the region. This does not mean that their economy will all of a sudden be the worse in the region.

  26. Mahaut
    August 11, 2014

    I guess there are people out there looking for negative information on DA to assist UWP in their campaign. It still will not work!

    • Lang Mama
      August 11, 2014

      Under Labor the truth is negative so no need to fix the mess. :-|

    • Malpardee
      August 11, 2014

      Are u making any sense? Listen to yourself.

  27. IFF I WUZ
    August 11, 2014

    Parry, I would tell the Prime Minister, for the sake of a Dominica he says he loves, he should put away his political pride and meet with Mr. Lennox Linton and Dr. Thompson Fontaine in order to fix the economy. Parry should also remind the Prime Minister that Mr. Linton and UWP Team Dominica have said they could grow the economy by 5%.

    • feel
      August 11, 2014

      For Thompson to make an honest mistake like he did with the DASS.

  28. Get it straight
    August 11, 2014

    Good ole Dominica…always at the bottom of the list in regards to the economy. Except for when it comes to ministers’ wealth…

  29. August 11, 2014

    My fellow Dominicans how much more proof you need to say enough is enough time try new leadership.

  30. Nac Vibes
    August 11, 2014

    Change is a must.

  31. Doc. Love
    August 11, 2014

    Mr. Lennox Linton, leader of UWP Team Dominica and Prime Minister in waiting, have been telling Dominicans including Skeritt, Tony, Alick about that for months, but they refused to listen. I hope Skeritt will either grow the economy by 5% as promised by Mr. Linton or clear the way for the deliverer.( P.M. Linton.)

    • Doc. Love
      August 11, 2014

      Typo: has been telling.

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