Categorized | National News

UN Agency Lowers 2012 Caribbean Growth Outlook

The frail global economy, caused mainly by difficulties in Europe, the US and China, has affected growth in the Caribbean and Latin America, according to a United Nations (UN) agency.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), the Caribbean economy will likely expand by 3.2 per cent this year and pick up the pace to grow 4.0 percent in 2013.

ECLAC’s previous official estimate in June showed the region growing 3.7 per cent this year, although the UN body’s head Alicia Barcena said in August that Latin American and Caribbean economies would likely grow between 3.2 percent and 3.3 percent.

In April, the International Monetary Fund (IMF) released projections that the Bahamian economy would achieve an even higher 2.7 per cent growth rate in 2013, and 2.5 per cent five years out in 2017.

Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) Chairman Winston Rolle told the media that it would be a stretch for the Bahamian economy to achieve that type of growth unless the IMF and the government knew something “outsiders” did not.

Written by Jones Bahamas

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