Grim outlook for Caribbean economies – World Bank

9:48 am, Tue October 20, 2020

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The World Bank says that the  economic outlook for Caribbean economies is more grim with a 7.9 per cent contraction now predicted versus 7.2 per cent in June.

The bank’s latest report on the region’s macroeconomic outlook reveals that among the hardest-hit economies are those with a dependence on tourism.

The list comprises St. Lucia, Belize, Bahamas and Suriname.

Guyana is the only country with an optimistic growth projection of 23.2 per cent, given its discovery of oil fields.

Meanwhile, the World Bank has returned to the drawing board after COVID-19 reversed progress made in reducing extreme poverty across the globe.

World Bank President David Malpass says even as some countries start to recover, other under-developed and developing nations may have to wait several years before clawing their way back to pre-COVID-19 conditions.