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Caribbean economies recovered and with great growth prospects

Bridgetown, Feb 22 (Prensa Latina) Most Caribbean economies show signs of recovery and can average 8.6 percent growth at the end of this year, a report from the regional Development Bank said today.

According to that entity, the good indices in the area largely have to do with the increase in Guyana’s oil production and the continued expansion of the tourism industry.

But it excluded Haiti from the projections and even predicted a worse performance for the French-speaking nation, due to the persistence of sociopolitical instability and high inflation.

The Bank -based in Barbados- highlighted the economic boom of 6.7 percent in the Caribbean during 2023, despite still facing serious challenges associated with the Covid-19 pandemic.

Although tourism remained the locomotive of the area, exports and services contributed 2.4 percent of the Gross Domestic Product, 11 nations experienced high demand at the end of last year and even exceeded production levels prior to 2019.

The financial entity also asked Caribbean governments to be cautious and not lose sight of the challenges, risks and vulnerabilities that still exist, although the outlook is positive.

In this sense, it reiterated its commitment to provide the necessary resources to give the region more resilience in the face of climate change, better infrastructure, and digitalized and intelligent systems that allow it to move steadily towards prosperity.