Presentation delivered by CDB's Director of Economics, Mr. Ian Durant at the 2024 Annual News Conference on February 20, 2024 at CDB's Headquarters in Barbados.
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.
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.
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
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