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IDB says Caribbean countries still suffering from 2008 global recession

Published:Tuesday | March 8, 2016 | 9:11 AM

The Inter-American Development Bank, IDB says Caribbean countries continue to be affected by the 2008 recession which is affecting the growth rates of some countries.

The IDB says the region’s economies registered a mix of good and poor results with some nations suffering sharp declines in commodity prices and others experiencing increases in tourism during 2015.

It said overall, the Caribbean countries grew at 1.5 per cent in 2015 and are projected to grow at 1.6 per cent in 2016.

The bank also says it registered significant growth in its 2015 loans to The Bahamas, Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago.

It says it approved some US$557.2 million in 2015, for improving the Caribbean’s citizen security, energy and transportation infrastructure and expanding the efficiency and coverage of basic social services in the region.

The IDB also approved US$17 million in grant financing to its Caribbean member countries.