Antigua and Barbuda to record significant GDP Growth of 6.3% in 2024: ECLAC

Antigua and Barbuda: The recent report by the United Nations Economic Commission for Latin America and Caribbean (ECLAC) anticipates the most economic growth in Antigua and Barbuda, which will be 6.3% by the end of this year.

This anticipated growth is the highest among all other countries in the region except Guyana. The ECLAC recently released this report stating the anticipated GDPs of Latin America and the Caribbean. The report notes the GDP for the coming year compared to previous years.

This release mentioned that the twin-island nation could attain a potential hike of 6.3% in its GDP by the end of this year making it second among the region to achieve this huge surge in economic growth. These efforts by Antigua and Barbuda authorities emerge to be impressive for the country’s growth.

The island nation is expected to experience a downfall for the next year of 1.5%, despite which it is expected to sustain its position with a 4.8% growth.

Do you know how much your country will grow this year and the next? Check the updated projections by #ECLAC for each one of the region’s countries. Read the #EconomicSurvey of #LAC 2024, one of this @UN regional commission’s most important reports.
📊 https://t.co/RSLgiueVCO pic.twitter.com/eQNzA4vTDA

— ECLAC (@eclac_un) August 13, 2024

Guyana, on the other hand, manages to stay at the top in the chart with a whopping 29.2% growth. This hike in Guyana is a result of their growth in the oil and gas industries. Guyana is expected to see a downfall for the next year of 11.4%, still managing to stay on top.

2023/2024 analysis

According to the report, most of the other countries in the Caribbean experienced a downfall in their GDP for the last year. Barbados, and Saint Vincent and Grenadines among them suffered the most drop of 1.2% and 1.3% respectively.

Other nations including the Bahamas, Belize, Dominica, Jamaica, and Trinidad and Tobago also suffered a downfall of less than 1%. However, Grenada, St Kitts and Nevis, and Suriname experienced an upsurge. Saint Lucia, however, didn’t experience any change in its GDP.

2024/2025 analysis

The coming year for all the island nations is expected to further see a decrease in their GDPs except Suriname which is anticipated to have a 0.3% upsurge. However, the most downfall among other nations is expected to be experienced by Saint Lucia with an estimated number of 1.4%.

The report further noted a slow growth in all the subregions with South America growing by 1.5%, Central America and Mexico by 2.2%, and the Caribbean (without Guyana) by 2.6%.

The executive secretary for ECLAC, Jose Manuel Salazar-Xirinachs stated, “The region remains trapped in a cycle of low growth, poor investment performance, and low labour productivity, exacerbated by limited domestic flexibility for implementing macroeconomic policies to reactivate the economy and global uncertainties.”

This recent analysis by ECLAC provides an in-depth analysis of the economic inflation in Latin America and the Caribbean, stating Guyana and Antigua and Barbuda as leaders in the region.