-CDB says as the Caribbean’s economic growth surged to 8.8 per cent in 2024

GUYANA has emerged as a ‘significant influence’ on Caribbean economic growth, with the region reporting an 8.8 per cent growth in 2024.
Examining the region’s key economic trends, The Caribbean Development Bank’s (CDB’s) Director of Economics, Ian Durant, told a Wednesday press conference, that Guyana was a standout performer among the financial institution’s member states with its economy surging by 43 per cent.

“When we include Guyana’s performance, regional growth rises to 8.8 per cent in 2024, up from 6.6 per cent in 2023,” Durant said.
Guyana’s growth is fuelled by the country’s increased oil production and continued expansion in its non-energy sector.

Further regional growth is expected to remain moderate in the year 2025. “The country’s (Guyana) performance will remain a key contributor to the region’s economic growth. The region is forecasted to grow by 4.6 per cent.”
Guyana’s economy soared in 2024 with a 43.6% real GDP growth and a 13.1% expansion in the non-oil sector.

In 2025, Guyana’s economy is expected to continue its unprecedented growth, with a projected economic expansion of 10.6 percent.
The agricultural, forestry, and fishing sectors are anticipated to expand by 11.4 percent in 2025, with production increases across all subsectors.
In the sugar industry, growth of 115.4 percent is expected, with a production target of 101,000 tonnes.

This growth will be supported by efforts in mechanisation and conversion, as well as value-added production.
Additionally, rice production is expected to expand by 12.4 percent, reaching 804,000 tonnes through expanded acreage and improved crop varieties developed through research and development. The other crop sub-sectors are projected to grow by 11.7 percent, driven by expanded acreage and the

country’s focus on strengthening local food security. Livestock production is also expected to grow by 7.5 percent across all categories.
Durant, on Wednesday, noted that, despite several challenges, the Caribbean has thrived, withstanding severe global shocks.

“The region has largely emerged from some of the most severe shocks, COVID-19, supply chain eruptions, exacerbated by geopolitical tensions and the high inflation.”
Aside from Guyana’s expanding oil and gas sector, the region’s tourism industry also remains a key driver of growth.
“The tourism industry remained the key driver of growth. Stay-over arrivals reached 6.8 million in the first three quarters of the year, with more than half of the borrowing countries surpassing pre-pandemic levels and some even setting new records.”

Construction boom across the several Caribbean nations was also a contributing factor to the region’s increased growth.
“Along with a strong tourism performance, construction activity also provided a major boost to economic growth, Governments across the region prioritised investments in critical infrastructure including ports, roads, schools, hospitals and utilities.”

Looking ahead, Durant noted that the CDB will be focused on providing much support to its borrowing states as the region navigates even greater geopolitical trends that may pose challenges to the region.