Economy & Business - May 2022

REGION: Uncertainty piles on uncertainty

All forecasts for the economies of the Caribbean have been overturned by the war in Ukraine, most particularly because of the effects on inflation, thus compounding the inherent uncertainties of the post-Covid recovery. The growth forecasts for almost every country in the Caribbean have been reduced since the beginning of the year. The table below shows the change in the forecasts from the International Monetary Fund’s (IMF’s) World Economic Outlook from October 2021 to April 2022. With very few exceptions, almost all have been marked down, even oil-rich Guyana (from 48.7% to 47.2%). The overall markdown for Latin America and the Caribbean is from 3.0% growth to 2.5%.

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