BRIDGETOWN, Barbados, February– The Barbados-based Caribbean Development Bank (CDB) Tuesday projected a 9.1 percent gross domestic product (GDP) growth across its 19 Borrowing Member Countries (BMCs) in 2022, accelerating the region’s economic recovery, which started in 2021.
The region’s premier financial institution said that the favorable outlook is anchored by an expected surge in the GDP of commodity-exporting economies by an estimated 17.5 percent on account of solid growth in Guyana (47.5 percent), emanating from increased oil and gas production and a resurgence in energy production in Trinidad and Tobago as supply-side constraints are alleviated. The CDB said higher international prices for crude oil should translate into revenue windfall.
Service-exporting BMCs are forecasted to gain momentum, growing at an average rate of 4.8 percent, reflecting the continued inflow of international visitors.
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