Latest: Caribbean

UN report predicts economic growth for Caribbean

Published: Tuesday December 31, 2013 | 11:35 am Comments 0

A new United Nations report says economic growth in Latin America and the Caribbean declined this year but is predicted to improve over the next two years.

According to the UNís World Economic Situation and Prospects 2014 to be launched in January, growth in Latin America and the Caribbean decelerated in 2013, to a pace of 2.6 per cent.

The report, however, projects growth in the region to improve to 3.6 and 4.1 per cent in 2014 and 2015, respectively.

The report said growth in the Caribbean has been hampered by weak external demand, for the tourism sector in particular and weaker commodity prices.

The UN report said inflation outlook was fairly stable, although inflation is expected to accelerate somewhat in 2013 amid more accommodative monetary policies in some countries.

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