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UN agency forecasts 8.5% economic growth for Bahamas in 2022

The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) this week revised its economic growth forecast for the Bahamas to 8.5%. This is her second highest growth projection in the region.

The Bahamas is only behind newly oil-rich Guyana, which is expected to grow GDP (Gross Domestic Product) by 52% this year.

This is boosting growth across the Caribbean, which is projected to reach 10.2% this year, but without Guyana, the region is expected to grow just 4.7%.

Saint Lucia is the only other regional neighbor to expect such high growth at 8%, followed by Antigua and Barbuda at 7.5%.

Barbados, Belize and Dominica are expected to grow by 5.7-5.9%. Meanwhile, Jamaica and St. Vincent and the Grenadines are just below her 3%.

Still, the Caribbean is projected to grow stronger than Latin America as a whole, with GDP growth of 2.6% in 2022.

“After growth of 6.5 percent in 2021, GDP in Latin America and the Caribbean is projected to get back on track, expanding at an average annual rate of 2.7 percent, consistent with the slowdown seen in the first half of 2022. ECLAC, in its recently released report titled Latin America and the Caribbean Economic Survey 2022, noted continued low growth before the pandemic.

“South America is projected to grow by 2.6% in 2022 (compared to 6.9% in 2021), the group consisting of Central America and Mexico will grow by 2.5% (5.7% in 2021), and the Caribbean maritime countries in 2021 — 4.7% (4% y-o-y) excluding Guyana.

This summer, the World Bank cut its economic growth forecast for the Bahamas in 2022 to 6% from 8% in January.

Central Bank Governor John Rolle expects economic growth of 4-6% in the Bahamas in 2022.

https://thenassauguardian.com/un-body-projects-8-5-economic-growth-for-bahamas-in-2022/ UN agency forecasts 8.5% economic growth for Bahamas in 2022

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