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Home to the world’s most captivating beaches and interesting tourist spots, the Caribbean continues to be a huge magnet for tourism. If you are looking to the Caribbean for business, you might want to know about the Caribbean regions that offer the best opportunities. Thanks to research and information provided by the World Bank, here are some of the fastest growing economies in the Caribbean:
According to the United Nations Economic Commission for Latin America and the Caribbean, the Dominican Republic is one of the top leaders among the Caribbean’s fastest growing economies. The country has shown strong growth during 2014 with an actual GDP growth of 4.6% and inflation rate of only 3.0%.
While it is a middle-income country, it has continued to soar since 2010’s global economic crisis and is now the largest economy, not only in the Caribbean but in the whole of Central America as well. The strong economical performance has often been linked to the huge number of remittances made to the Dominican Republic. These days, the country is still expanding steadily in terms of international trade and export growth.
The UN Economic Commission for Latin America and the Caribbean projected a GDP growth of 4.4% for Suriname in 2014. The actual figures met that projection and are projected to continue for the following years. Suriname’s economy depends mostly on high commodity prices. The Suriname government, however, wishes to work more on broadening both the private and public sectors whilst strengthening services and managing disaster risks. It continues to rely on biodiversity and natural resource revenues for its economic growth, thus making it one of the fastest growing economies in the Caribbean.
Projected to have a GDP growth of 4.5%, this Caribbean economy has continued to dominate the market for the fastest growing economies in the region. A large part of its economic sector relies upon activities in the natural resources and agricultural sectors. During the last four years (2011-2014), Guyana has strived hard to leverage itself in the economic market with 4% growth annually. The country is predicted to grow its economy continually with the help of foreign investments, and off-shore projects.
Haiti has a GDP growth of 2.7% for the year 2014. This is already a commendable achievement amidst the tragic deaths of over 230,000 people in Haiti’s capital and nearby towns following the 2010 earthquake. Losses were incurred back then but were recovered through efforts of citizens, government officials, and foreign aid. Weather conditions might have placed obstacles in the way of Haiti’s economic growth but the country continues to persevere and improve Haiti’s economic status.
St. Kitts and Nevis
With a 2.74% GDP growth in 2014, St. Kitts and Nevis has continued to prosper in many different areas. The country’s economy mainly relies upon activities in the industrial, services and agriculture sector. Public debt has actually reduced to approximately 83% in 2013 from 144% in 2012. It also relies heavily on tobacco, beverages, food, electronics and machinery for its exports.
Remittances and the Growing Economies in the Caribbean
It is known that the global economy has enjoyed better financial results with the help of remittances. These economies in the Caribbean have prospered in part due to the remittances sent back home by their migrant workers in foreign countries. We have to acknowledge the big difference this source of much needed funds has made for these regions, and we know that remittances will continue to be a huge driving factor to help more Caribbean economies achieve better year-on-year growth in the coming years.
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