According to the Director of Economics of the Caribbean Development Bank (CDB), Ian Durant, Guyana’s thriving oil and gas industry is set to play a significant role in the economies of Caribbean countries in the coming year.
Durant highlighted that Guyana’s oil sector was a major driver of the average regional growth in 2023, as the country’s economic activities had a considerable impact on the region’s growth.
Additionally, Trinidad and Tobago and Suriname also expanded the regional economic outlook, albeit at a more measured rate. Durant emphasized that it is apparent that Guyana will remain a key player in determining how the Caribbean’s economy performs this year.
Looking to the future, Durant predicted an average growth of 8.6% for the nineteen borrowing member countries of CDB in 2024.
This growth projection is largely attributable to the increased oil production in Guyana and the continued expansion of the tourism industry. However, this growth projection falls to 2.3% if Guyana is excluded, indicating a moderation from the estimated growth of 2.5% in 2023.
Furthermore, Durant mentioned that while the region is slowly recovering from the COVID-19 pandemic, inflation continues to be a significant challenge, particularly in Haiti.
That country is still recording higher inflation levels due to instability and other factors. Durant cautioned that the inflation issue could worsen if existing geopolitical conflicts are escalated or new ones arise.
In 2023, inflation and associated risks to food and energy security continue to be major concerns.
While inflation rates generally eased across the region, lingering high energy and food costs, supply chain issues, and strong consumer demand kept inflation elevated.
Nevertheless, the region could reduce some of its food security challenges by making regional trade more accessible and improving logistics.
All because they now have oil. Crazy how we act when people have something we want.
Funny how Guyana was much maligned by the rest of the Caribbean. I’m old enough to remember our very own(now deceased) Prime Minister, suggesting that the Caricom HQ be moved from Guyana. Guyanese citizens constantly hassled(by immigration) when visiting “fellow” Caricom countries.
Now Guyana is “oil rich” and suddenly they’re the head corner stone.
Dr Ali, make them bow and beg.
DNO, when such regional economic performance is being discussed and reported on to Dominicans by you, shouldn’t you and the Dominica media and journalists be putting Dominica economic position in the context of the regional and other CARICOM/ OECS/ CDB member countries? For instance what is the economic growth forecast for Dominica? How is the economy performing right now? What is the rate of inflation in Dominica today? Cost of living? Price control? Salaries stagnation or growth?
What is the Commonwealth of Dominica economic outlook in the context of this regional outlook? I am not in Guyana, Trinidad or Haiti, tell me more about the state of the Dominica economy, please and thank you!