T&T, Belize, St Lucia and Grenada will all register a growth of three or just over three per cent this year according to the International Monetary Fund’s (IMF) latest World Economic Outlook, released yesterday.
T&T’s gross domestic product (GDP) will grow by 3.2 per cent in 2023. In its report, the Washington-based financial institution said that the global economy’s gradual recovery from both the coronavirus (COVID-19) pandemic and Russia’s invasion of Ukraine remains on track.
According to the IMF, Guyana, which is now recognised as an oil-producing country, following the discovery of the commodity a few years ago, will record economic growth of 37.2 per cent this year, increasing to 45.3 per cent next year.
St Vincent and the Grenadines, which is the Caricom country with the second highest predicted economic growth of six per cent this year, will register a five per cent growth in 2024.
Antigua and Barbuda with a growth of 5.5 per cent this year, will see that figure decline slightly to 5.4 per cent next year, while Dominica and Barbados are projected to record economic growth of 4.9 per cent this year, dropping to 4.7 and 3.9 per cent, respectively, in 2024.
The twin island Federation of St Kitts-Nevis will, according to the IMF projections, record economic growth of 4.5 per cent this year, dropping to 3.8 per cent the following year, while the Bahamas’ economic growth this year is projected at 4.3 per cent declining significantly to 1.8 per cent next year.
Commenting on the global economy, the report said China’s reopened economy is rebounding strongly and that supply chain disruptions are unwinding, while dislocations to energy and food markets caused by the war are receding.
“Simultaneously, the massive and synchronised tightening of monetary policy by most central banks should start to bear fruit, with inflation moving back towards targets,” the IMF said.
In the developing world, the IMF downgraded growth prospects for India, Latin America, the Middle East, Sub-Saharan Africa and the less-developed countries of Europe. Ukraine’s war-ravaged economy is forecast to shrink by 3.0 per cent.
