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ECLAC forecasts low regional growth

The Caribbean region will grow by 1.3 per cent in 2020, according to a recent report from the Economic Commission for Latin America and the Caribbean (ECLAC). Pictured: ECLAC executive secretary Alicia Bárcena speaking at the publication of the report. (Photo courtesy ECLAC)

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TheBahamasInvestor.com
Monday, January 6, 2020
Monday, January 6, 2020

The Caribbean region will grow by 1.3 per cent in 2020, according to a recent report from the Economic Commission for Latin America and the Caribbean (ECLAC).

Following six consecutive years of slow growth, Latin America and the Caribbean faces more challenges in the coming year, according to the organisation which said a slump in domestic demand and fragile international markets will continue the deceleration trend in the short-term.


“The current conditions require that fiscal policy be centered on the reactivation of growth and on responding to growing social demands,” said Alicia Bárcena, ECLAC executive secretary.

ECLAC recommends that Caribbean nations focus on productivity and sustainability to weather the current economic uncertainty. In addition, researchers said governments should strengthen public revenue collection by implementing progressive tax structures that reduce tax evasion and widen the taxation net to include the digital economy.

The Caribbean economies which saw the most growth in 2019 were Dominica, Antigua and Barbuda and the Dominican Republic, according to ECLAC which predicts that Guyana will lead the charge in 2020 as it sees gains from oil production.

The Bahamas’ GDP is expected to decline by 0.6 per cent in 2020, mainly due to the devastating effects of Hurricane Dorian.

To view the full Preliminary Overview of the Economies of Latin America and the Caribbean 2019, click here.

Tourism stakeholders from around the region will gather in Nassau later this month for one of the biggest tourism tradeshows in the region.

The Sand Dollar digital currency has been launched in Exuma. In an interview, The Central Bank of The Bahamas Governor John Rolle explains why the new virtual currency is being trialed there before being rolled out across the archipelago. Watch a ZNS report on the launch here.

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