Caribbean growth may drop in 2012

| December 26, 2011

Staff writer Denise Mota

International economic crisis and the uncertainty that Eurozone problems have spread in the markets all around the world will leave its effects also in Latin America and the Caribbean.

Economic Commission for Latin America and the Caribbean (ECLAC) presented this week a publication in which indicates a slight drop in growth to 3.7% in 2012. For this year, the institution estimates a 4.3% result. These figures are published in its Preliminary Overview of the Economies of Latin America and the Caribbean 2011, which can be fully read in internet.

According to this organization of the United Nations, last year the region grew by 5.9%. Even though numbers are lower, 2011 gets to its end with a positive result, evaluates ECLAC. The projected growth of this year means a rise in per capita output by 3.2%. South American countries grew by 4.6%, Central American economies rose 4.1% and the Caribbean participated with 0.7%.

And, in spite of the financial turmoil in the developed world, many countries grew better in 2011 than in 2010. Some of them are Haiti, recovered from the natural disaster that hardly affected it last year, and Caribbean and Central America countries, which were favored by United States recovery in terms of exports and remittances from these places.

ECLAC projects that growth over the next year in Latin America and the Caribbean will be led by Haiti (8.0%), followed by Panama (6.5%), Peru (5.0%), Ecuador (5.0%) and Argentina (4.8%). Brazil will have a modest result of 2.9%.

Cruise Ships in Port St George's, Grenada

The biggest growing in the Caribbean this year is registered by Guyana, with a 4.8% estimated growth (with a projection of 4% next year), and Suriname, with 4.5% in 2011 and a projection of also 4.5% in 2012. Antigua and Barbuda had a negative total of -2.1% this year but ECLAC estimates that in 2012 the country will start to grow and will get a 2.0% level. In a total, Caribbean countries will grow only 0.7% this year and have 2012 growth calculated to 1.7%.

To see the full table on total gross domestic product estimated to all countries in Latin America and the Caribbean, go to: http://www.eclac.cl/prensa/noticias/comunicados/9/45479/ tabla_PIB_ Balanceprelim2011_ING.pdf

Read the Portuguese version here

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