Economic recovery in Caribbean requires urgent reforms and seizing green opportunities — World Bank

WASHINGTON, United States – Economies in Latin America and the Caribbean (LAC) are on track to recover from the COVID-19 crisis, but the scars of the pandemic remain and the need for a more dynamic, inclusive and sustainable growth is ever more urgent, according to a new World Bank report, “Consolidating the Recovery, Seizing Green Growth Opportunities”.

Following a 6.9 per cent rebound in 2021, regional gross domestic product (GDP) is expected to grow 2.3 per cent this year and a further 2.2 in 2023, with most countries reversing the GDP losses from the pandemic crisis.

However, according to the World Bank, these modest projections place regional performance among the lowest in the world at a time when the region faces important uncertainties as new variants of the virus may appear, inflation pressures mount and the war in Europe threatens the world recovery. In fact, regional growth projections have been revised downward by 0.4 per cent after the Russian invasion of Ukraine.

https://www.jamaicaobserver.com/business-report/economic-recovery-in-caribbean-requires-urgent-reforms-and-seizing-green-opportunities-world-bank_248112