World Bank predicts 1.7 percent GDP growth in 2014

Roseau is the main center of business in Dominica
Roseau is the main center of business in Dominica

Dominica’s gross domestic product (GDP) is projected to grow by 1.7 percent in 2014, according to a report by the World Bank.

The report which was released on Tuesday evening said that growth remained “broadly flat” in Latin America and the Caribbean which is the result of “stable or declining commodity prices, the continued slowdown in China, the drop in first quarter US GDP growth and domestic challenges.”

In the Caribbean region, Guyana is projected to post the biggest improvement with a forecast of 4.4 percent growth, followed in second place by the Dominican Republic at 4 percent and Haiti at 3.6 percent.

St. Lucia’s growth forecast for 2014 is a low 0.9 percent and Jamaica and 1.1 percent.

St. Vincent and the Grenadines growth projection is the same as Dominica at 1.7 percent.

The report did not include GDP data for overseas territories or for Antigua, the Bahamas, Barbados or Grenada. The World Bank did not give a reason for the absence of the data.

Earlier this year Governor of the Eastern Caribbean Central Bank, Sir Dwight Venner, highlighted the need for a strong private sector to change the course of the economies in the region which has seen an overall decline in the past 20 years.

“We have not developed a private sector which has been given the chance to move out of a certain zone because the system has been skewed towards importation for distribution and a few commodity exports,” he said.

Below are the full ranking according to the World Bank Report.

1. Guyana……..4.4 percent
2. Dominican Republic ……4 percent
3. Haiti………..3.6 percent
4. Dominica …….1.7 percent
4. St. Vincent ….1.7 percent
5. Jamaica ……..1.1 percent
6. St. Lucia ……0.9 percent

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32 Comments

  1. Gem
    June 14, 2014

    Love it when I hear good news about Dominica and yet there is some who wants to bring down its name yet wants to hold office

  2. The Baptiste
    June 12, 2014

    When these reports are published and some of us comment on them we are generally accused of giving bad name to the country, and whenever I hear or read those comments, I am reminded of a very profound statement that was made by the late prime Minister honorable Pierre Charles, that “Dominicans wear their ignorance like a badge of honor”.
    While I tend to agree with the statement, I would not say all Dominicans; I would say instead some Dominicans. I say this to say that this figure quoted by the World Bank does not appear to be based on historical facts and/or figures, which in cases of these types of forecasts forms the basis for prediction. If foe example one is to review the GDP growth over the last five years or so it would be observed that the GDP grew by an average of approximately 0.5% less than 1%, yet the bank is projecting a 1.7% growth, more than 3 times the average over the last five years, without specifics of how this number was arrived at, and against a backdrop of our own ECCB statement that the economy need to grow at least 5% annually for there to be any meaningful improvement in the lives of the people..
    To achieve this 5% growth, there need to be significant direct foreign investment into the economy, but the latest report from our ECCB is that Dominica, apart from been last in the OECS group in direct foreign investment showed a decline over the last period.
    Now these are published numbers by regional organizations, and all some of us are doing is commenting on those reported numbers, yet we are accused of bringing down the country. We are been told that St. Lucia is worse, Barbados is having problems, America has poor people too, and all these comparisons, to defend the poor performance of the government, and its inability to effectively address the real problems that contribute to the rising unemployment, and resultant poverty that has engulfed the Country.
    Instead of focusing on the substantive issues that needs to be addressed, in an effort to arrest this problem, the government and its agents embark on a propaganda, and smear campaign against any and everyone who dares to think, analyses, and/or speak to the real issues… I wish that the more educated ones in the country, who owe it to themselves, and the country that afforded them the opportunity to have advanced their understanding/over standing, would do some objective review and analysis, and then educated the less educated as well as some educated ones who engaged in deliberate distortion of truth and facts, for their personal gains.
    We should all contribute to removing the stigma that some Dominicans wear their ignorance like a badge of honor.

  3. Dominica Justice
    June 12, 2014

    This excellent news for Dominica that we have a reasonable G.D.P growth.This means that the economy should do better.We should concentrate more on production and assist the educated technical people to produce.We should export more and import less.We also need to retain our human resource pool to develope the country.A country will not develope with an unskilled,uneducated workforce.

  4. awa wi
    June 12, 2014

    every year when hurricane season comes predictions are made. are these predictions exact?? obviously not for instance I could predict that rain will fall tomorrow is that a fact? I think not. I therefore find it amusing that persons are debating this point as if it were a fact its just a prediction so stop clutching at straws in your desperate bid to present the current state affairs in the Dominican economy as being ok.

    • just saying
      June 12, 2014

      continue to be blue and gloomy.nothing positive is good for you people.tsk!

  5. June 12, 2014

    Read people read, it is a PREDICTION, PREDICTION people PREDICTION. Allu does make me shame, just get a dictionary and shut up.

  6. Simply the Truth
    June 11, 2014

    The World Bank is fully aware of Dominica’s exports and capability in this respect. Note that the World Bank did not criticize or chastise Dominica. On the contrary Dominica was successful in obtaining the confidence of the World Bank in a loan.
    The W.B. is fully aware of D/ca’s situation. Please do not conclude that this is a negative for Dominica. You know the hardships that D/ca’s crops of all experience with storms and disease.

  7. %
    June 11, 2014

    This is the same MISERABLE and SHAMEFUL performance that concerned Dominicans are bothered about. Its a loud shame that an economy which Skerrit is bombarding his ‘fools’ that is doing so well cannot even grow by 2%. It is high time that these worthless and DUNCE leaders are KICKED OUT OF OFFICE. Let competent people like the esteemed Dr Fontaine (international economist), the brilliand Lennox Linton, Joshua Francis, and company who are not CORRUPT AND INSULTIVE do the job.
    HOW LONG?
    NOT LONG!

    • Simply the Truth
      June 11, 2014

      What do you contribute to the Dominican economy? If you do not, or as much as expected, you are not in a position to criticize it.

    • real possie
      June 12, 2014

      @ % let me ask you how do you guys expect people to change from the party where they are to join yours? here it is just a week ago they had a report where Dominica was last you pounced on that now these people are predicting that DA will do better than STL and this is what you had to say hmmmmmm, now tell me was the report from a week ago gets exposed cause with all the outside investment the have their growth is still not going to help them? that’s why I told you guys you all only talk just for talking sake and the thumbs up you all gets let it go to you all heads but the truth will always put you all none knowledge of the inner working of Government will be you all Hercules heel. Now let the rigged thumbs down begin, oh and you can quote me on that. Let me spell it n-o-n-e k-n-o-w-l-e-d-g-e.

      • real possie
        June 12, 2014

        Oh DNO could you not round it up to the top ten? I wonder where ST Kitts sits, now with my none schooled knowledge I can tell with Guyana the only reason they seems so high it is said they just opened up to an investment in mining that country for gold, DR will always stay high cause they are a great tourist attraction but they have more poverty than Dominica their crime rate is way higher than DA, now Haiti the only reason they are predicted to go so high is because of the investment in that are predicted to go to them because of the earthquake they had so monies were set aside for that plus their gold mining are going full force. But what I would like to ask again where are all the countries that was ahead of DA in the report a week ago? when these people think they doing UWP a favor by bring out these reports only turns around on them if you all do honest reporting you will help them but being bias will only be the added down fall of them.

      • ted lewis
        June 12, 2014

        @ real posie
        Once again you have showed your lack of knowledge in trying to defend the failed DLP government. Your call for other countries is so absurd. have you not read the solow’s growth model , do you understand what is meant by the steady state. the strength of an economy among other things mainly lies in the size of its respective gdp ( eg Antigua GDP is about 1.8 times that of Dominica so u need to almost doubble ( or 180 %) the amount of activity in dominica to get to antigua level ) . eg even if guyana has a higher growth rate than the usa that do not indicate that guyana’s economy is better or stronger than the USA . countries who at their steady state ( long run equilibrium) will not grow at a higher rate than those far below. please google the solow’s growth model. while you at it check the ECCB website ( www. eccb- central bank.org) go to publication then select annual economic and financial review and you will see that in 2012 and 2013 dominica grew at -0.2 and 0 percent respectively. Please note that growth was predicted for both years. A word of caution when ever there is a forecast you must always ask your self what activity is driving the variable to the predicted trajectory for eg are we expecting increase tourist arrival, increase in the agricultural sector, manufacturing or increase in the public sector investment project . eg just so you note in the last five years that i have been directly involved with the world bank and imf in my role as senior economist at the ministry of finance antigua and Barbuda i have always been in deep heated argument with these authorities with respect to their ridiculous projection . They are always so far of . Then again its better to have a positive prediction than a negative and my expectation is that because we entering an election period , this will lead to an increase in consumption spending and capital spending which will impact significantly on wholesale and retail sector,and the construction sector and there for gdp growth will be positive this year.

      • %
        June 12, 2014

        @real possie
        Are you an idiot or a wicked soul? 1.7% projected growth rate for Dominica in 2014 is enough for you to go bury your head somewhere in shame. Isn’t that the same economy that your master Skerrit is telling you that is doing so well? By the way do you even know whaht ecomomnic growth is? Are you aware that the ECCU member states are warned that their economies should grow between 3-5% in order to stay economically viable/strong.? Is it only the garbage spewed on the Animal Show that you listen to? Why not try out Q95 where you will definitely get some sense implanted into your lazy begging head!!!!!!!!!!!!!!!!!!!!!!!
        MISERABLE PERFORMANCE INDEED.
        TIME FOR CHANGE.
        HOW LONG?
        NOT LONG!

      • real possie
        June 12, 2014

        Tedo you work for the Gov. of Anu so you are telling me that Anu doing great hmmmmm and you telling me who I backing boss this is just prediction cause had it not been for the storms we would be tops in the OECS again. Ps where is people pride in country they reside in? did not even go register to vote so today they cant vote people want to tell you who and to vote for but don’t see it fit to be counted on that patriotic day what a shame. @ % even the mighty USA was in a hole but yes I am an idiot look at the other countries ahead of DA look at those that are not mentioned at the same time the professor trying to give me numbers the county where he resides is not in sight of DA well I guess they above so Anu will be at 6% so that’s why u don’t see them on the list got you both my bad did not understand got it now thanks to you both.

    • Anonymous
      June 12, 2014

      Five more years.

  8. ZOOM ZOOM
    June 11, 2014

    What?????……..must be from the sale of drugs and alcohol, because that’s the only thing that brings money in the country.

    • joe
      June 11, 2014

      Z Z well put it that way, if drugs and alcohol are bringing in money then i assume we are exporting them, it means we do not have a drug problem right??

      So stop crying your country MAL ZEY ZEY OR ZOOM ZOOM!!!! Dominicans must be the only nation on earth who does that!!!!! IT IS A BLOODY SHAME!!!!!!

  9. Rocks
    June 11, 2014

    Interesting, that as we continue to allow more Haitians into the Dominica, their GDP is growing at a rate two times that of Dominica. SMH!!!!

    • Lapo Layzar
      June 11, 2014

      Does that mean that the growth in GDPis trickling dow to the Haitians who continue to grind in extreme depravation? Have you taken into consideration some of the reasons given for this dismal showing in many parts of the caribbean?

    • Simply the Truth
      June 11, 2014

      You noticed! They should return to their country and not be dependent on Dominica.

    • stupes
      June 12, 2014

      And have Dominicans stopped moving to the US or anywhere else? What do Haitians coming here have to do with the price of peanut butter on the shelves?

      Stop hitting on the Haitians as an excuse for you all’s poor contribution and performance in your own country. The Haitians come and do well. Why? It is called hard work. A lot of Dominicans need to learn about that.

    • Facts
      June 12, 2014

      I dont know why the letting them people enter our country,majority are unskilled and they are a burden.

      • padna
        June 12, 2014

        They are a burden? How is that when the majority appear to be self-employed? Sounds like you need to grow up.

  10. Ambrose B, NY City
    June 11, 2014

    Good news for DA but does that growth transcends to the man on the streets, are we seeing a difference in the various communities, does that growth reach out to the public servants who are now offered 0% 0% and 0% or does that growth reaches the Labar party operatives only?

  11. There you have it
    June 11, 2014

    This is a very poor showing, indeed. Dominica will do better under the UWP Government.

    • mike d
      June 11, 2014

      Google world bank gdp report dominica an see for d last 20 yrs when dom was d worst..negative between 1996 _2000,,u should be ashamed to write dat,,or I wish dno publish stuff like dat,,all d graphs an chats showing dominica economic performance for d last 20 yrs,,

    • Simply the Truth
      June 11, 2014

      Oh yeah? Presumptuous are you? Wait and see!

  12. ?????????
    June 11, 2014

    1.7% growth… neither here nor there.. hopefully theres no storm to cause a decline

    • Simply the Truth
      June 11, 2014

      Pray that no storm occur.

  13. mike d
    June 11, 2014

    Thanks dno for a possitive reporting..I want to know if lenox say we had negativw growth,,

    • There you have it
      June 11, 2014

      This is a prediction, not a fact.

    • concerned
      June 11, 2014

      how did lennox end up in this equation?…1.7% growth is nothing to be proud of, we can certainly do better as an underdeveloped state

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