Jamaica’s economy is projected to grow slightly next year, continuing steady but marginal economic growth over the last 6-years.
That’s according to the latest report from the Economic Commission for Latin America and the Caribbean, ECLAC.
ECLAC released its report dubbed the Preliminary Overview of the Economies of Latin America and the Caribbean 2018 at a press conference led by its Executive Secretary, Alicia Bárcena, in Chile, yesterday.
The report found that economic growth is projected at 2.1 percent for the Caribbean in 2019, slightly above the rate for the entire Caribbean and Latin American region.
In the Caribbean, Antigua and Barbuda and Grenada – both growing over 5-percent – were the two fastest growing Caribbean economies, this year.
Jamaica is projected to continue its economic growth that’s been on a steady yet marginal upward trend since 2013.
According to the ECLAC report, Jamaica is projected to end this year with a growth rate of 1-point-5 per cent.
For next year, Jamaica’s economy is projected to grow at a rate of 1.8 per cent.
Dominica is projected to lead the region in growth next year with 9-per cent.
Dominica is followed by the Dominican Republic, Panama, Antigua and Barbuda and Guyana – all of which are projected to grow by almost 5 to 6 per cent.
But, Jamaica’s projected growth still places the country among the slowest growing economies in the region.
Jamaica is joined by Trinidad and Tobago, St. Vincent and the Grenadines and Barbados – all of which are projected to grow by less than 2-per cent.
It’s projected that Barbados will grow by zero-point-5 per cent next year. But, that’s an improvement for the country after contracting by half a per cent this year.
ECLAC’s biggest economies, Brazil and Mexico, are also projected to grow. But, the economies of Venezuela, Nicaragua and Argentina are projected to contract.
The biggest loser is Venezuela, which is projected to contract by 10-per cent in 2019.
As a single unit, the Caribbean and Latin American region is projected to grow by 1.7 per cent next year. That’s a revision of the projection from October which estimated growth of 1.8 per cent.