The Caribbean Development Bank (CDB) is projecting gross domestic product (GDP) growth of 9.1 per cent across its 19 Borrowing Member Countries (BMCs) in 2022, accelerating the region’s economic recovery which started in 2021.
The favourable outlook is anchored by an expected surge in the GDP of commodity-exporting economies by an estimated 17.5 per cent on account of strong growth in Guyana (47.5%) emanating from increased oil & gas production, and a resurgence in energy production in Trinidad and Tobago, as supply-side constraints are alleviated.
Service-exporting BMCs are forecasted to gain momentum, growing at an average rate of 4.8 per cent, reflecting the continued inflow of international visitors. It is anticipated that this rebound is likely to strengthen during 2022 as restrictions ease, on account of strengthened protective health measures. However, the return of international passenger arrivals will depend on the acceleration of vaccination rates; effective management of the pandemic without resorting to full and lengthy lockdowns; and continued confidence in protocols established for safe travel to the region.