The Economic Commission for Latin America and the Caribbean (ECLAC) revised its 2017 growth projections for economic activity in the region and foresees an average expansion of 1.2% in Latin America and the Caribbean this year, which is slightly above the forecast from last July.
ELAC says in the case of St Vincent and the Grenadines, this year the country will see a 3.0 percent projected growth rate.
A rebound in the region’s economies is expected for 2018, with growth averaging 2.2%, which would be the highest rate since 2013, the United Nations organisation stated in a press release.
According to ELAC St Vincent and the Grenadines will see a projected growth rate of 1.6 percent in 2018.
For the English- and the Dutch-speaking Caribbean, average growth is seen at 0.3% for 2017, a figure that was downwardly revised versus July’s projection, mainly due to the damage caused by the Irma and María hurricanes in some countries of that subregion.
According to ECLAC, the capacity of the region’s countries to generate a more dynamic economic growth process that is sustained over time depends on the space for adopting policies that support investment, which will be fundamental for mitigating the effects of external shocks and averting significant impacts on economic performance in the medium and long-term.
In this context, bolstering both public and private investment is essential, along with diversifying the productive structure to achieve one with more value added and greater incorporation of technology and knowledge.