Economic growth in the Caribbean and Latin America region is “picking up” the IMF has said.
According to a report published this month by the Washington D.C.-based international organization, the economy in the Caribbean is strengthening.
The main drivers of economic growth are reportedly stronger domestic demand, a favorable global environment and rebounding commodity prices.
The IMF’s Regional Economic Outlook for the Western Hemisphere forecasts regional growth rising from 1.3% in 2017 to 2% in 2018 and rising further to 2.8% in 2019.
The IMF believes that Mexico, Central America, and parts of the Caribbean are set to benefit from stronger growth in the USA.
Caribbean Economic Growth Outlook Improving
Prospects for growth in the Caribbean region are improving, with economic growth in both the tourism-dependent economies and commodity exporters forecast at 1% to 2% for 2018 and 2019.
Much of the growth is expected to be driven by tourism, construction and real estate.
Mexico Economic Outlook Positive
Output growth in Mexico is expected to rise from 2% in 2017 to 2.3% in 2018.
Very Positive Outlook for Central America
Meanwhile, the outlook for Central America is particularly positive.