Compiled By NAN Business Editor
News Americas, NEW YORK, NY, Tues. April 14, 2020: The COVID-19 (coronavirus) crisis and a collapse in tourism will severely impact some countries in the Caribbean and result in a negative growth in the Caribbean this year, according to “The Economy in the Time of Covid-19,” the latest semi-annual report from the World Bank’s Chief Economist Office for Latin America and the Caribbean.
Gross Domestic Product (GDP) in the Latin America and Caribbean region (excluding Venezuela) is expected to be -4.6% in 2020, according to the report. A return to growth of 2.6% is expected in 2021.
Those forecast to see the worst are Grenada and St. Lucia, which could record -7.3 and -7.2 growth, respectively.
Guyana, however, is still forecast to grow significantly despite its political crisis and the COVID-19 crisis. World Bank experts forecast a growth over 51.7 percent before dropping to 8.7 percent in 2021.
Here’s where the rest of Caribbean nations are forecast to stack up:
Belize – -3.9 percent
Dominica – -3.0 percent
Dominican Republic – 0.0 percent
Grenada – -7.3 percent
Haiti – -3.5 percent
Jamaica – -2.9 percent
St. Lucia – -7.2 percent
St. Vincent and the Grenadines – -4.0 percent
Suriname – -0.7 percent
“Governments across Latin America and the Caribbean face the enormous challenge of both protecting lives and limiting the impact of the economic fallout,” said Martín Rama, World Bank Chief Economist for the Latin America and the Caribbean region. “This will require coherent, targeted policies on a scale rarely seen before.”
“We need to help people face these enormous challenges and make sure that financial markets and employers can weather the storm,” added Humberto López, World Bank Acting Vice President for the Latin America and the Caribbean Region. “That means limiting the damage and laying the groundwork for recovery as fast as possible.”