July 30, 2010

Dire Economic Prospects for the Caribbean

The Economic Survey of Latin America and the Caribbean, published today (21st July) by the United Nations Economic Commission for Latin America and the Caribbean, shows a dire situation and prospects for Caribbean countries. The cost of the global financial and economic crisis to the subregion is estimated at a huge 10% of GDP in 2009. 10 of 14 Caribbean countries experienced negative growth in that year, the worst performers being the eight countries of the Eastern Caribbean Currency Union (ECCU), which contracted by 7.3% on average. Although the external current account deficit improved and inflation was moderate, debt levels in excess of 100% of GDP were recorded for Barbados, Grenada, Jamaica, and St Kitts and Nevis. Unemployment also increased in the six Caribbean countries for which data were available.

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