SlideShare a Scribd company logo
1 of 19
Download to read offline
Present and
Future
Requisites for
Prosperity
Mr. Ian Durant
Director, Economics Department
2023 ECONOMIC REVIEW
& 2024 OUTLOOK
Present and Future Requisites
for Prosperity
ECONOMIC REVIEW 2023
Our BMCs have faced
several disruptions to
social and economic
progress, including the
COVID-19 pandemic and
consequent deterioration
in macroeconomic
conditions.
Economic Review 2023
Present and Future Requisites for Prosperity
0.8
-8.4
4.4
11.0
6.7
2019 2020 2021 2022 2023
6.7%
CDB estimates that
the region grew by
Present and Future Requisites
for Prosperity
ECONOMIC REVIEW 2023
By end-2023, 11 of our
BMCs are estimated to
have recovered to pre-
pandemic (2019)
output levels, both in
real and nominal
terms.
Commodity
Exporters Growth
2022 2023
62.3%
32.9%
Guyana
2022 2023
2.1%
2.5%
Suriname
2022 2023
1.5%
2.7%
Trinidad & Tobago
+13.8%
Commodity Exporters
Present and Future Requisites for Prosperity
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Anguilla Antigua
&
Barbuda
The
Bahamas
Barbado
s
Belize British
Virgin
Islands
Cayman
Islands
Dominica Grenada Haiti Jamaica Montserrat Saint
Kitts &
Nevis
Saint
Lucia
Saint
Vincent &
the
Grenadine
s
2022 2023E
9.6%
6.2%
3.5%
4.4%
4.4%
0.8%
4.9%
3.1%
5.5%
-1.9%
2.9%
6.9%
4.8% 3.3%
5.8%
Service Exporters Growth +2.4%
Service Exporters
Present and Future Requisites for Prosperity
Service Exporters
Growth
Visitor Arrivals by Country 2023
(% of 2019 Arrivals)
+2.4%
Service Exporters
100.6%
93.6%
94.7%
91.9%
92.4%
86.4%
85.4%
76.8%
109.3%
108.8%
69.6%
77.3%
90.0%
92.5%
136.2%
0
500
1,000
1,500
2,000
2,500
ANG ANT BAH BAR BZE BVI CAY DOM GRE JAM MON SKN SLU SVG TCI
Thousands
2019 2023
Jan-Dec Jan-Dec Jan-Sep Jan-Sep
Jan-Dec Jan-Dec Jan-Dec Jan-Nov Jan-Nov Jan-Dec Jan-Oct Jan-Nov Jan-Nov Jan-Oct Jan-Dec
Present and Future Requisites for Prosperity
Present and Future Requisites
for Prosperity
Haiti continues to
grapple with persistent
instability and high
inflation. Both of which
contributed to weak
economic performance
in 2023.
Unemployment Rates 2023
The
Bahamas
8.5%
9.1%
8.8%
Barbados
9.8%
7.6%
8.7%
4.3%
2.7%
3.4%
Belize
2.9%
1.9%
2.4%
5.6%
3.3%
4.4%
4.6%
3.4%
3.9%
Cayman
Islands
Jamaica
Trinidad
and Tobago
Qtr. 1-Qtr. 3
Fall 2023
May2023
Qtr. 1-Qtr. 3
Present and Future Requisites for Prosperity
MALE FEMALE
TOTAL
4.8
5.1
3.8
5.2
4.4
5.3
4.0
2.9
2.8
36.8
6.5
-1.7
4.0
4.3
4.9
51.6
4.6
-10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0
Anguilla
Antigua and Barbuda
Bahamas
Barbados
Belize
Cayman Islands
Dominica
Grenada
Guyana
Haiti
Jamaica
Montserrat
St. Kitts & Nevis
Saint Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
Average Annual Inflation (%)
4.2%
Average Inflation
trended around
2022 2023
*Jan-Sep 2023
Excl. Suriname & Haiti
Jan-Sep
Jan-Dec
Jan-Nov
Jan-Dec
Jan-Oct
Jan-Dec
Jan-Jun
Jan-Sep
Jan-Sep
Jan-Dec
Jan-Dec
Jan-Sep
Jan-Sep
Jan-Nov
Jan-Sep
Jan-Dec
Jan-Dec
Present and Future Requisites for Prosperity
Governments also
contended with elevated
borrowing costs amid tight
financing conditions.
Nevertheless, with the
continued strengthening in
economic activity,
government revenues and
overall fiscal outcomes
improved.
Present and Future Requisites for Prosperity
Central Government Debt (% GDP)
69.4
63.7
56.6
51.8
76.6
64.8
52.2
43.6
65.8
63.1
59.1 57.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2020 2021 2022 2023
Regional Commodity Exporters Service Exporters
The Region’s average debt-to-GDP ratio continued to trend downward, after
spiking in 2020 at the onset of the COVID-19 pandemic.
Present and Future Requisites for Prosperity
Present and Future Requisites
for Prosperity
ECONOMIC OUTLOOK 2024
Continued expansion
of the tourism industry
as well as acceleration
of oil production in
Guyana will drive
regional growth in
2024.
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
+8.6%
Projected Regional
Growth in 2024
ANG ANT BAH BAR BZE BVI CAY DOM GRE GUY HAI JAM MON SKN SLU SVG SUR TT
+18.2%
Commodity
Exporters
+2.1%
Service
Exporters
5.3%
5.5%
2.4% 3.4% 3.5%
2.1%
2.2%
3.8% 3.7%
38.6%
0.7%
1.3%
4.9% 4.4%
4.1% 5.3%
2.8% 2.5%
Economic Outlook 2024
Present and Future Requisites for Prosperity
Sluggish global
growth and
persistent high
inflation.
Risks to the Outlook
Escalations in
existing geopolitical
conflicts or the
emergence of new
conflicts.
Supply chain disruptions
and rekindled volatility in
global commodity prices.
Present and Future Requisites
for Prosperity
Present and Future Requisites
for Prosperity
CDB recognizes that
higher and sustained
levels of economic
growth is needed to
achieve greater
prosperity for the
region’s citizens .
FUTURE REQUISITES FOR
PROSPERITY
Climate
Resilient
Infrastructure
Enhancing
Digitalization
A.I.
1
Adequate, climate-
resilient social and
economic
infrastructure to
facilitate growth across
sectors.
2
Improving the
institutional
frameworks within
which businesses
operate, especially
through digitalization.
3
The adoption of Artificial
Intelligence.
Future Requisites for Prosperity
Present and Future Requisites for Prosperity
Strengthening
our Human
Resources
Renewable
Energy
Enhancing
Regional Logistics
and Trade
4
Deepening the human
resource base and
reducing skills gaps.
5
Developing a mix of
renewable sources of
energy, to strengthen
energy security, reduce
energy costs and build
competitiveness of our
economies.
6
Enhancing logistics
quality to augment intra-
regional trade, which
can develop regional
value chains while
reducing import
dependence and
enhancing food security.
Future Requisites for Prosperity
Present and Future Requisites for Prosperity
Present and
Future
Requisites for
Prosperity

More Related Content

Similar to Present and Future Requisites for Prosperity in the Caribbean

Growth Momentum in 
SouthEast Asia 
Markets
Growth Momentum in 
SouthEast Asia 
MarketsGrowth Momentum in 
SouthEast Asia 
Markets
Growth Momentum in 
SouthEast Asia 
MarketsCanvassco
 
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptxCTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptxngothithungan1
 
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptxCTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptxngothithungan1
 
Federal Budget FY21: A Barrier Eclipsing Relief
Federal Budget FY21: A Barrier Eclipsing ReliefFederal Budget FY21: A Barrier Eclipsing Relief
Federal Budget FY21: A Barrier Eclipsing ReliefSCPL Capital
 
Development Economics 15-06-2023.pptx
Development Economics 15-06-2023.pptxDevelopment Economics 15-06-2023.pptx
Development Economics 15-06-2023.pptxAqsaJaved52
 
EN_CLMV-Outlook_2022.pdf
EN_CLMV-Outlook_2022.pdfEN_CLMV-Outlook_2022.pdf
EN_CLMV-Outlook_2022.pdfSCBEICSCB
 
Economics Presentation Annual News Conference 2022.pptx
Economics Presentation Annual News Conference 2022.pptxEconomics Presentation Annual News Conference 2022.pptx
Economics Presentation Annual News Conference 2022.pptxCaribbean Development Bank
 
CTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptx
CTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptxCTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptx
CTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptxngothithungan1
 
GDP 2022 Q2 (Media presentation).pdf
GDP 2022 Q2 (Media presentation).pdfGDP 2022 Q2 (Media presentation).pdf
GDP 2022 Q2 (Media presentation).pdfGeorgeMutasa1
 
General StateBudget (GSB) 2023: on the wrong track
General StateBudget (GSB) 2023: on the wrong trackGeneral StateBudget (GSB) 2023: on the wrong track
General StateBudget (GSB) 2023: on the wrong trackCírculo de Empresarios
 
CLMV Outlook 2023_EN_20230222.pdf
CLMV Outlook 2023_EN_20230222.pdfCLMV Outlook 2023_EN_20230222.pdf
CLMV Outlook 2023_EN_20230222.pdfSCBEICSCB
 
Delivery_Hero_Trading_Update_Q2_2022.pdf
Delivery_Hero_Trading_Update_Q2_2022.pdfDelivery_Hero_Trading_Update_Q2_2022.pdf
Delivery_Hero_Trading_Update_Q2_2022.pdfStoneJack1
 
Insurance, Politics, and Economics in a Post- Pandemic World
Insurance, Politics, and Economics in a Post- Pandemic WorldInsurance, Politics, and Economics in a Post- Pandemic World
Insurance, Politics, and Economics in a Post- Pandemic WorldKhalilZagora1
 
Portugals economic situation and forecasts
Portugals economic situation and forecastsPortugals economic situation and forecasts
Portugals economic situation and forecastsCírculo de Empresarios
 
CTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptx
CTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptxCTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptx
CTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptxngothithungan1
 

Similar to Present and Future Requisites for Prosperity in the Caribbean (20)

Growth Momentum in 
SouthEast Asia 
Markets
Growth Momentum in 
SouthEast Asia 
MarketsGrowth Momentum in 
SouthEast Asia 
Markets
Growth Momentum in 
SouthEast Asia 
Markets
 
Health Care and the Federal Budget
Health Care and the Federal BudgetHealth Care and the Federal Budget
Health Care and the Federal Budget
 
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptxCTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_Final.pptx
 
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptxCTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptx
CTG-Cap nhat ket qua KD quy 1.2023_final_EN_31.05.2023.pptx
 
Federal Budget FY21: A Barrier Eclipsing Relief
Federal Budget FY21: A Barrier Eclipsing ReliefFederal Budget FY21: A Barrier Eclipsing Relief
Federal Budget FY21: A Barrier Eclipsing Relief
 
Development Economics 15-06-2023.pptx
Development Economics 15-06-2023.pptxDevelopment Economics 15-06-2023.pptx
Development Economics 15-06-2023.pptx
 
EN_CLMV-Outlook_2022.pdf
EN_CLMV-Outlook_2022.pdfEN_CLMV-Outlook_2022.pdf
EN_CLMV-Outlook_2022.pdf
 
2021 Economic Review and 2022 Outlook
2021 Economic Review and 2022 Outlook2021 Economic Review and 2022 Outlook
2021 Economic Review and 2022 Outlook
 
Economics Presentation Annual News Conference 2022.pptx
Economics Presentation Annual News Conference 2022.pptxEconomics Presentation Annual News Conference 2022.pptx
Economics Presentation Annual News Conference 2022.pptx
 
CTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptx
CTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptxCTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptx
CTG - Cap nhat KQKD Quy IV.2022_Final_EN.pptx
 
GDP 2022 Q2 (Media presentation).pdf
GDP 2022 Q2 (Media presentation).pdfGDP 2022 Q2 (Media presentation).pdf
GDP 2022 Q2 (Media presentation).pdf
 
COVID-19 and rural-urban poverty in developing countries: Lessons learned, re...
COVID-19 and rural-urban poverty in developing countries: Lessons learned, re...COVID-19 and rural-urban poverty in developing countries: Lessons learned, re...
COVID-19 and rural-urban poverty in developing countries: Lessons learned, re...
 
General StateBudget (GSB) 2023: on the wrong track
General StateBudget (GSB) 2023: on the wrong trackGeneral StateBudget (GSB) 2023: on the wrong track
General StateBudget (GSB) 2023: on the wrong track
 
CLMV Outlook 2023_EN_20230222.pdf
CLMV Outlook 2023_EN_20230222.pdfCLMV Outlook 2023_EN_20230222.pdf
CLMV Outlook 2023_EN_20230222.pdf
 
Delivery_Hero_Trading_Update_Q2_2022.pdf
Delivery_Hero_Trading_Update_Q2_2022.pdfDelivery_Hero_Trading_Update_Q2_2022.pdf
Delivery_Hero_Trading_Update_Q2_2022.pdf
 
Insurance, Politics, and Economics in a Post- Pandemic World
Insurance, Politics, and Economics in a Post- Pandemic WorldInsurance, Politics, and Economics in a Post- Pandemic World
Insurance, Politics, and Economics in a Post- Pandemic World
 
Economy... at a glance March 2021
Economy... at a glance March 2021Economy... at a glance March 2021
Economy... at a glance March 2021
 
Portugals economic situation and forecasts
Portugals economic situation and forecastsPortugals economic situation and forecasts
Portugals economic situation and forecasts
 
CTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptx
CTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptxCTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptx
CTG-Cap nhat ket qua KD Quy 4.2023_final_EN.pptx
 
Impact of COVID-19 on the fiscal space for agricultural transformation in Africa
Impact of COVID-19 on the fiscal space for agricultural transformation in AfricaImpact of COVID-19 on the fiscal space for agricultural transformation in Africa
Impact of COVID-19 on the fiscal space for agricultural transformation in Africa
 

More from Caribbean Development Bank

Partnerships for Resilient Prosperity in the Caribbean
Partnerships for Resilient Prosperity in the CaribbeanPartnerships for Resilient Prosperity in the Caribbean
Partnerships for Resilient Prosperity in the CaribbeanCaribbean Development Bank
 
Supporting Resilient Prosperity in the Caribbean
Supporting Resilient Prosperity in the CaribbeanSupporting Resilient Prosperity in the Caribbean
Supporting Resilient Prosperity in the CaribbeanCaribbean Development Bank
 
Regulations and Standards for Climate Resilience of the Construction Sector
Regulations and Standards for Climate Resilience of the Construction SectorRegulations and Standards for Climate Resilience of the Construction Sector
Regulations and Standards for Climate Resilience of the Construction SectorCaribbean Development Bank
 
Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...
Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...
Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...Caribbean Development Bank
 
PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...
PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...
PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...Caribbean Development Bank
 
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...Caribbean Development Bank
 
National Quality Infrastructure (NQI) and associated control mechanisms for t...
National Quality Infrastructure (NQI) and associated control mechanisms for t...National Quality Infrastructure (NQI) and associated control mechanisms for t...
National Quality Infrastructure (NQI) and associated control mechanisms for t...Caribbean Development Bank
 
Project Development Routemap UK – Caribbean Knowledge Exchange Programme
Project Development Routemap UK – Caribbean  Knowledge Exchange  ProgrammeProject Development Routemap UK – Caribbean  Knowledge Exchange  Programme
Project Development Routemap UK – Caribbean Knowledge Exchange ProgrammeCaribbean Development Bank
 
Project Development Routemap - Infrastructure Foundation Masterclass
Project Development Routemap - Infrastructure Foundation  MasterclassProject Development Routemap - Infrastructure Foundation  Masterclass
Project Development Routemap - Infrastructure Foundation MasterclassCaribbean Development Bank
 
The UK experience in using the 5 Case Model approach for the preparation, a...
The UK experience in using the 5 Case  Model approach for the preparation,  a...The UK experience in using the 5 Case  Model approach for the preparation,  a...
The UK experience in using the 5 Case Model approach for the preparation, a...Caribbean Development Bank
 
UK Experience in Infrastructure Development: from planning and prioritisatio...
UK Experience in Infrastructure  Development: from planning and prioritisatio...UK Experience in Infrastructure  Development: from planning and prioritisatio...
UK Experience in Infrastructure Development: from planning and prioritisatio...Caribbean Development Bank
 
Disability Inclusive Infrastructure Presentation
Disability Inclusive Infrastructure PresentationDisability Inclusive Infrastructure Presentation
Disability Inclusive Infrastructure PresentationCaribbean Development Bank
 
FROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEAN
FROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEANFROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEAN
FROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEANCaribbean Development Bank
 
Scaling up the Integrated Utility Service Model.pdf
Scaling up the Integrated Utility Service Model.pdfScaling up the Integrated Utility Service Model.pdf
Scaling up the Integrated Utility Service Model.pdfCaribbean Development Bank
 
2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx
2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx
2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptxCaribbean Development Bank
 
2023 Annual News Conference Presentation- Dr Gene Leon CDB President
2023 Annual News Conference Presentation-  Dr Gene Leon CDB President 2023 Annual News Conference Presentation-  Dr Gene Leon CDB President
2023 Annual News Conference Presentation- Dr Gene Leon CDB President Caribbean Development Bank
 

More from Caribbean Development Bank (20)

Partnerships for Resilient Prosperity in the Caribbean
Partnerships for Resilient Prosperity in the CaribbeanPartnerships for Resilient Prosperity in the Caribbean
Partnerships for Resilient Prosperity in the Caribbean
 
Supporting Resilient Prosperity in the Caribbean
Supporting Resilient Prosperity in the CaribbeanSupporting Resilient Prosperity in the Caribbean
Supporting Resilient Prosperity in the Caribbean
 
Lessons Learning - Tools and Discussions
Lessons Learning - Tools and DiscussionsLessons Learning - Tools and Discussions
Lessons Learning - Tools and Discussions
 
Regulations and Standards for Climate Resilience of the Construction Sector
Regulations and Standards for Climate Resilience of the Construction SectorRegulations and Standards for Climate Resilience of the Construction Sector
Regulations and Standards for Climate Resilience of the Construction Sector
 
Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...
Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...
Current state of the National Quality Infrastructure (NQI) in Saint Lucia rel...
 
PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...
PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...
PAHO Smart Hospitals Toolkit to Build Resilience in the Health Infrastructure...
 
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...
Keynote: From Structural Vulnerability to Resilient Prosperity in Small Islan...
 
Story Guide Template Presentation Follow
Story Guide Template Presentation FollowStory Guide Template Presentation Follow
Story Guide Template Presentation Follow
 
National Quality Infrastructure (NQI) and associated control mechanisms for t...
National Quality Infrastructure (NQI) and associated control mechanisms for t...National Quality Infrastructure (NQI) and associated control mechanisms for t...
National Quality Infrastructure (NQI) and associated control mechanisms for t...
 
Women and Youth in Construction Presentation
Women and Youth in Construction PresentationWomen and Youth in Construction Presentation
Women and Youth in Construction Presentation
 
Project Development Routemap UK – Caribbean Knowledge Exchange Programme
Project Development Routemap UK – Caribbean  Knowledge Exchange  ProgrammeProject Development Routemap UK – Caribbean  Knowledge Exchange  Programme
Project Development Routemap UK – Caribbean Knowledge Exchange Programme
 
Project Development Routemap - Infrastructure Foundation Masterclass
Project Development Routemap - Infrastructure Foundation  MasterclassProject Development Routemap - Infrastructure Foundation  Masterclass
Project Development Routemap - Infrastructure Foundation Masterclass
 
The UK experience in using the 5 Case Model approach for the preparation, a...
The UK experience in using the 5 Case  Model approach for the preparation,  a...The UK experience in using the 5 Case  Model approach for the preparation,  a...
The UK experience in using the 5 Case Model approach for the preparation, a...
 
UK Experience in Infrastructure Development: from planning and prioritisatio...
UK Experience in Infrastructure  Development: from planning and prioritisatio...UK Experience in Infrastructure  Development: from planning and prioritisatio...
UK Experience in Infrastructure Development: from planning and prioritisatio...
 
UK Infrastructure and Projects Authority
UK Infrastructure and Projects AuthorityUK Infrastructure and Projects Authority
UK Infrastructure and Projects Authority
 
Disability Inclusive Infrastructure Presentation
Disability Inclusive Infrastructure PresentationDisability Inclusive Infrastructure Presentation
Disability Inclusive Infrastructure Presentation
 
FROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEAN
FROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEANFROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEAN
FROM COVID TO CLIMATE CHANGE - FOOD SECURITY IN THE CARIBBEAN
 
Scaling up the Integrated Utility Service Model.pdf
Scaling up the Integrated Utility Service Model.pdfScaling up the Integrated Utility Service Model.pdf
Scaling up the Integrated Utility Service Model.pdf
 
2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx
2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx
2023 Annual News Conference Presentation - Ann-Marie Warner DD-Corp Strat.pptx
 
2023 Annual News Conference Presentation- Dr Gene Leon CDB President
2023 Annual News Conference Presentation-  Dr Gene Leon CDB President 2023 Annual News Conference Presentation-  Dr Gene Leon CDB President
2023 Annual News Conference Presentation- Dr Gene Leon CDB President
 

Recently uploaded

Chizaram's Women Tech Makers Deck. .pptx
Chizaram's Women Tech Makers Deck.  .pptxChizaram's Women Tech Makers Deck.  .pptx
Chizaram's Women Tech Makers Deck. .pptxogubuikealex
 
SBFT Tool Competition 2024 -- Python Test Case Generation Track
SBFT Tool Competition 2024 -- Python Test Case Generation TrackSBFT Tool Competition 2024 -- Python Test Case Generation Track
SBFT Tool Competition 2024 -- Python Test Case Generation TrackSebastiano Panichella
 
Quality by design.. ppt for RA (1ST SEM
Quality by design.. ppt for  RA (1ST SEMQuality by design.. ppt for  RA (1ST SEM
Quality by design.. ppt for RA (1ST SEMCharmi13
 
PHYSICS PROJECT BY MSC - NANOTECHNOLOGY
PHYSICS PROJECT BY MSC  - NANOTECHNOLOGYPHYSICS PROJECT BY MSC  - NANOTECHNOLOGY
PHYSICS PROJECT BY MSC - NANOTECHNOLOGYpruthirajnayak525
 
Simulation-based Testing of Unmanned Aerial Vehicles with Aerialist
Simulation-based Testing of Unmanned Aerial Vehicles with AerialistSimulation-based Testing of Unmanned Aerial Vehicles with Aerialist
Simulation-based Testing of Unmanned Aerial Vehicles with AerialistSebastiano Panichella
 
PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.
PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.
PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.KathleenAnnCordero2
 
Engaging Eid Ul Fitr Presentation for Kindergartners.pptx
Engaging Eid Ul Fitr Presentation for Kindergartners.pptxEngaging Eid Ul Fitr Presentation for Kindergartners.pptx
Engaging Eid Ul Fitr Presentation for Kindergartners.pptxAsifArshad8
 
RACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATION
RACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATIONRACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATION
RACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATIONRachelAnnTenibroAmaz
 
Event 4 Introduction to Open Source.pptx
Event 4 Introduction to Open Source.pptxEvent 4 Introduction to Open Source.pptx
Event 4 Introduction to Open Source.pptxaryanv1753
 
Mathan flower ppt.pptx slide orchids ✨🌸
Mathan flower ppt.pptx slide orchids ✨🌸Mathan flower ppt.pptx slide orchids ✨🌸
Mathan flower ppt.pptx slide orchids ✨🌸mathanramanathan2005
 
INDIAN GCP GUIDELINE. for Regulatory affair 1st sem CRR
INDIAN GCP GUIDELINE. for Regulatory  affair 1st sem CRRINDIAN GCP GUIDELINE. for Regulatory  affair 1st sem CRR
INDIAN GCP GUIDELINE. for Regulatory affair 1st sem CRRsarwankumar4524
 
The Ten Facts About People With Autism Presentation
The Ten Facts About People With Autism PresentationThe Ten Facts About People With Autism Presentation
The Ten Facts About People With Autism PresentationNathan Young
 
Call Girls In Aerocity 🤳 Call Us +919599264170
Call Girls In Aerocity 🤳 Call Us +919599264170Call Girls In Aerocity 🤳 Call Us +919599264170
Call Girls In Aerocity 🤳 Call Us +919599264170Escort Service
 
THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...
THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...
THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...漢銘 謝
 
miladyskindiseases-200705210221 2.!!pptx
miladyskindiseases-200705210221 2.!!pptxmiladyskindiseases-200705210221 2.!!pptx
miladyskindiseases-200705210221 2.!!pptxCarrieButtitta
 
Early Modern Spain. All about this period
Early Modern Spain. All about this periodEarly Modern Spain. All about this period
Early Modern Spain. All about this periodSaraIsabelJimenez
 
SaaStr Workshop Wednesday w/ Kyle Norton, Owner.com
SaaStr Workshop Wednesday w/ Kyle Norton, Owner.comSaaStr Workshop Wednesday w/ Kyle Norton, Owner.com
SaaStr Workshop Wednesday w/ Kyle Norton, Owner.comsaastr
 
The 3rd Intl. Workshop on NL-based Software Engineering
The 3rd Intl. Workshop on NL-based Software EngineeringThe 3rd Intl. Workshop on NL-based Software Engineering
The 3rd Intl. Workshop on NL-based Software EngineeringSebastiano Panichella
 
DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...
DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...
DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...Henrik Hanke
 
Dutch Power - 26 maart 2024 - Henk Kras - Circular Plastics
Dutch Power - 26 maart 2024 - Henk Kras - Circular PlasticsDutch Power - 26 maart 2024 - Henk Kras - Circular Plastics
Dutch Power - 26 maart 2024 - Henk Kras - Circular PlasticsDutch Power
 

Recently uploaded (20)

Chizaram's Women Tech Makers Deck. .pptx
Chizaram's Women Tech Makers Deck.  .pptxChizaram's Women Tech Makers Deck.  .pptx
Chizaram's Women Tech Makers Deck. .pptx
 
SBFT Tool Competition 2024 -- Python Test Case Generation Track
SBFT Tool Competition 2024 -- Python Test Case Generation TrackSBFT Tool Competition 2024 -- Python Test Case Generation Track
SBFT Tool Competition 2024 -- Python Test Case Generation Track
 
Quality by design.. ppt for RA (1ST SEM
Quality by design.. ppt for  RA (1ST SEMQuality by design.. ppt for  RA (1ST SEM
Quality by design.. ppt for RA (1ST SEM
 
PHYSICS PROJECT BY MSC - NANOTECHNOLOGY
PHYSICS PROJECT BY MSC  - NANOTECHNOLOGYPHYSICS PROJECT BY MSC  - NANOTECHNOLOGY
PHYSICS PROJECT BY MSC - NANOTECHNOLOGY
 
Simulation-based Testing of Unmanned Aerial Vehicles with Aerialist
Simulation-based Testing of Unmanned Aerial Vehicles with AerialistSimulation-based Testing of Unmanned Aerial Vehicles with Aerialist
Simulation-based Testing of Unmanned Aerial Vehicles with Aerialist
 
PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.
PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.
PAG-UNLAD NG EKONOMIYA na dapat isaalang alang sa pag-aaral.
 
Engaging Eid Ul Fitr Presentation for Kindergartners.pptx
Engaging Eid Ul Fitr Presentation for Kindergartners.pptxEngaging Eid Ul Fitr Presentation for Kindergartners.pptx
Engaging Eid Ul Fitr Presentation for Kindergartners.pptx
 
RACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATION
RACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATIONRACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATION
RACHEL-ANN M. TENIBRO PRODUCT RESEARCH PRESENTATION
 
Event 4 Introduction to Open Source.pptx
Event 4 Introduction to Open Source.pptxEvent 4 Introduction to Open Source.pptx
Event 4 Introduction to Open Source.pptx
 
Mathan flower ppt.pptx slide orchids ✨🌸
Mathan flower ppt.pptx slide orchids ✨🌸Mathan flower ppt.pptx slide orchids ✨🌸
Mathan flower ppt.pptx slide orchids ✨🌸
 
INDIAN GCP GUIDELINE. for Regulatory affair 1st sem CRR
INDIAN GCP GUIDELINE. for Regulatory  affair 1st sem CRRINDIAN GCP GUIDELINE. for Regulatory  affair 1st sem CRR
INDIAN GCP GUIDELINE. for Regulatory affair 1st sem CRR
 
The Ten Facts About People With Autism Presentation
The Ten Facts About People With Autism PresentationThe Ten Facts About People With Autism Presentation
The Ten Facts About People With Autism Presentation
 
Call Girls In Aerocity 🤳 Call Us +919599264170
Call Girls In Aerocity 🤳 Call Us +919599264170Call Girls In Aerocity 🤳 Call Us +919599264170
Call Girls In Aerocity 🤳 Call Us +919599264170
 
THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...
THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...
THE COUNTRY WHO SOLVED THE WORLD_HOW CHINA LAUNCHED THE CIVILIZATION REVOLUTI...
 
miladyskindiseases-200705210221 2.!!pptx
miladyskindiseases-200705210221 2.!!pptxmiladyskindiseases-200705210221 2.!!pptx
miladyskindiseases-200705210221 2.!!pptx
 
Early Modern Spain. All about this period
Early Modern Spain. All about this periodEarly Modern Spain. All about this period
Early Modern Spain. All about this period
 
SaaStr Workshop Wednesday w/ Kyle Norton, Owner.com
SaaStr Workshop Wednesday w/ Kyle Norton, Owner.comSaaStr Workshop Wednesday w/ Kyle Norton, Owner.com
SaaStr Workshop Wednesday w/ Kyle Norton, Owner.com
 
The 3rd Intl. Workshop on NL-based Software Engineering
The 3rd Intl. Workshop on NL-based Software EngineeringThe 3rd Intl. Workshop on NL-based Software Engineering
The 3rd Intl. Workshop on NL-based Software Engineering
 
DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...
DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...
DGT @ CTAC 2024 Valencia: Most crucial invest to digitalisation_Sven Zoelle_v...
 
Dutch Power - 26 maart 2024 - Henk Kras - Circular Plastics
Dutch Power - 26 maart 2024 - Henk Kras - Circular PlasticsDutch Power - 26 maart 2024 - Henk Kras - Circular Plastics
Dutch Power - 26 maart 2024 - Henk Kras - Circular Plastics
 

Present and Future Requisites for Prosperity in the Caribbean

  • 1. Present and Future Requisites for Prosperity Mr. Ian Durant Director, Economics Department 2023 ECONOMIC REVIEW & 2024 OUTLOOK
  • 2. Present and Future Requisites for Prosperity ECONOMIC REVIEW 2023 Our BMCs have faced several disruptions to social and economic progress, including the COVID-19 pandemic and consequent deterioration in macroeconomic conditions.
  • 3. Economic Review 2023 Present and Future Requisites for Prosperity 0.8 -8.4 4.4 11.0 6.7 2019 2020 2021 2022 2023 6.7% CDB estimates that the region grew by
  • 4. Present and Future Requisites for Prosperity ECONOMIC REVIEW 2023 By end-2023, 11 of our BMCs are estimated to have recovered to pre- pandemic (2019) output levels, both in real and nominal terms.
  • 5. Commodity Exporters Growth 2022 2023 62.3% 32.9% Guyana 2022 2023 2.1% 2.5% Suriname 2022 2023 1.5% 2.7% Trinidad & Tobago +13.8% Commodity Exporters Present and Future Requisites for Prosperity
  • 6. -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Anguilla Antigua & Barbuda The Bahamas Barbado s Belize British Virgin Islands Cayman Islands Dominica Grenada Haiti Jamaica Montserrat Saint Kitts & Nevis Saint Lucia Saint Vincent & the Grenadine s 2022 2023E 9.6% 6.2% 3.5% 4.4% 4.4% 0.8% 4.9% 3.1% 5.5% -1.9% 2.9% 6.9% 4.8% 3.3% 5.8% Service Exporters Growth +2.4% Service Exporters Present and Future Requisites for Prosperity
  • 7. Service Exporters Growth Visitor Arrivals by Country 2023 (% of 2019 Arrivals) +2.4% Service Exporters 100.6% 93.6% 94.7% 91.9% 92.4% 86.4% 85.4% 76.8% 109.3% 108.8% 69.6% 77.3% 90.0% 92.5% 136.2% 0 500 1,000 1,500 2,000 2,500 ANG ANT BAH BAR BZE BVI CAY DOM GRE JAM MON SKN SLU SVG TCI Thousands 2019 2023 Jan-Dec Jan-Dec Jan-Sep Jan-Sep Jan-Dec Jan-Dec Jan-Dec Jan-Nov Jan-Nov Jan-Dec Jan-Oct Jan-Nov Jan-Nov Jan-Oct Jan-Dec Present and Future Requisites for Prosperity
  • 8. Present and Future Requisites for Prosperity Haiti continues to grapple with persistent instability and high inflation. Both of which contributed to weak economic performance in 2023.
  • 9. Unemployment Rates 2023 The Bahamas 8.5% 9.1% 8.8% Barbados 9.8% 7.6% 8.7% 4.3% 2.7% 3.4% Belize 2.9% 1.9% 2.4% 5.6% 3.3% 4.4% 4.6% 3.4% 3.9% Cayman Islands Jamaica Trinidad and Tobago Qtr. 1-Qtr. 3 Fall 2023 May2023 Qtr. 1-Qtr. 3 Present and Future Requisites for Prosperity MALE FEMALE TOTAL
  • 10. 4.8 5.1 3.8 5.2 4.4 5.3 4.0 2.9 2.8 36.8 6.5 -1.7 4.0 4.3 4.9 51.6 4.6 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Anguilla Antigua and Barbuda Bahamas Barbados Belize Cayman Islands Dominica Grenada Guyana Haiti Jamaica Montserrat St. Kitts & Nevis Saint Lucia St. Vincent and the Grenadines Suriname Trinidad and Tobago Average Annual Inflation (%) 4.2% Average Inflation trended around 2022 2023 *Jan-Sep 2023 Excl. Suriname & Haiti Jan-Sep Jan-Dec Jan-Nov Jan-Dec Jan-Oct Jan-Dec Jan-Jun Jan-Sep Jan-Sep Jan-Dec Jan-Dec Jan-Sep Jan-Sep Jan-Nov Jan-Sep Jan-Dec Jan-Dec Present and Future Requisites for Prosperity
  • 11. Governments also contended with elevated borrowing costs amid tight financing conditions. Nevertheless, with the continued strengthening in economic activity, government revenues and overall fiscal outcomes improved. Present and Future Requisites for Prosperity
  • 12. Central Government Debt (% GDP) 69.4 63.7 56.6 51.8 76.6 64.8 52.2 43.6 65.8 63.1 59.1 57.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 2020 2021 2022 2023 Regional Commodity Exporters Service Exporters The Region’s average debt-to-GDP ratio continued to trend downward, after spiking in 2020 at the onset of the COVID-19 pandemic. Present and Future Requisites for Prosperity
  • 13. Present and Future Requisites for Prosperity ECONOMIC OUTLOOK 2024 Continued expansion of the tourism industry as well as acceleration of oil production in Guyana will drive regional growth in 2024.
  • 14. 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 +8.6% Projected Regional Growth in 2024 ANG ANT BAH BAR BZE BVI CAY DOM GRE GUY HAI JAM MON SKN SLU SVG SUR TT +18.2% Commodity Exporters +2.1% Service Exporters 5.3% 5.5% 2.4% 3.4% 3.5% 2.1% 2.2% 3.8% 3.7% 38.6% 0.7% 1.3% 4.9% 4.4% 4.1% 5.3% 2.8% 2.5% Economic Outlook 2024 Present and Future Requisites for Prosperity
  • 15. Sluggish global growth and persistent high inflation. Risks to the Outlook Escalations in existing geopolitical conflicts or the emergence of new conflicts. Supply chain disruptions and rekindled volatility in global commodity prices. Present and Future Requisites for Prosperity
  • 16. Present and Future Requisites for Prosperity CDB recognizes that higher and sustained levels of economic growth is needed to achieve greater prosperity for the region’s citizens . FUTURE REQUISITES FOR PROSPERITY
  • 17. Climate Resilient Infrastructure Enhancing Digitalization A.I. 1 Adequate, climate- resilient social and economic infrastructure to facilitate growth across sectors. 2 Improving the institutional frameworks within which businesses operate, especially through digitalization. 3 The adoption of Artificial Intelligence. Future Requisites for Prosperity Present and Future Requisites for Prosperity
  • 18. Strengthening our Human Resources Renewable Energy Enhancing Regional Logistics and Trade 4 Deepening the human resource base and reducing skills gaps. 5 Developing a mix of renewable sources of energy, to strengthen energy security, reduce energy costs and build competitiveness of our economies. 6 Enhancing logistics quality to augment intra- regional trade, which can develop regional value chains while reducing import dependence and enhancing food security. Future Requisites for Prosperity Present and Future Requisites for Prosperity