CARICOM commodity exporters to grow by 21.1% in 2022: CARICOM BUSINESS
According to the October 2021 issue of Regional Economic Outlook for Latin America and the Caribbean (LAC), published by the IMF, the economic performance was robust in the first quarter of 2021 but lost momentum in some countries in the second quarter, reflecting the rebound in COVID-19 cases.
Real GDP for the LAC is projected to grow by 6.3% in 2021, followed by a more moderate growth of 3% in 2022. Specifically, tourism dependent economies in the Caribbean are slated to grow by 2.3% in 2021 and by 4.1% in 2022 whereas commodity exporting economies in the Region are slated to grow by 5.6% in 2021 but accelerating to 21.1% in 2022. Broadly favorable external conditions, high commodity prices, and pent-up demand support short-term growth, while monetary and fiscal policy reversals would be inimical to economic growth. (IMF)
Extract from CARICOM BUSINESS Newsletter Vol 4 No 42
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