By Caribbean News Now contributor
PORT OF SPAIN, Trinidad – The Caribbean Development Bank (CDB) announces notwithstanding the prediction of deceleration in global economic activity, the 2019 economic outlook for its borrowing member countries (BMCs) is positive, foretelling economic growth of over two percent.
In its 2018 Annual Report issued at the start of the bank’s 49th annual board of governor’s conference, the CDB announced the world gross domestic product (GDP) is assumed to dwindle to 3.5 percent this year, from 3.7 percent in 2018 and blamed multiple conditions like Britain’s continued attempts to leave the European Union and the economic retardation in China.
The CDB, the region’s premier economic institution, said that the Caribbean’s susceptibility to these risks is great as is its vulnerability to weather-related events. It also said several institutional deficiencies need to be discussed to enhance the delivery of significant social and economic projects.
Nevertheless, GDP is predicted to climb by 2.1 percent as tourism, construction and the extractive industries, such as oil and gold increase.
The CDB announced that Barbados is the sole BMC in which economic activity is not anticipated to improve in 2019 and that continuous fiscal retrenchment is foreseen to scrub out mighty tourism achievement.
Meanwhile, an appeal was made June 5, for Caribbean countries to adopt new transformational policies so that the region not only perseveres but thrive in an ever-evolving digital world. That appeal was made by Prime Minister of St Kitts and Nevis and Chairman of the Caribbean Community (CARICOM), Dr Timothy Harris, who was at the time replying to the chairperson’s welcome address at the opening ceremony of the CDB’s 49th Annual board of…
