UN ECLAC Forecasts Bahamas Growth Uptick in 2015

The United Nations Economic Commission has projected that The Bahamas will see growth of 2.8 percent in 2015; maintains 2014 growth forecast of 2.3 percent.

.Digital.Disclosure.: ALISON LOWE

ECLAC has forecast that growth in The Bahamas will grow more in 2015 than 2014, with its forecast growth rate rising to 2.8 percent from 2.3 percent this year.

This 2015 growth forecast positions the Bahamas is ahead of the Caribbean’s growth forecast as a whole, which stands at 2.2 percent. Guyana, St Kitts and Nevis, and Suriname were the only Caribbean countries to beat The Bahamas’ growth prospects next year in the ECLAC report.

The 2.3 percent forecast maintained by ECLAC for The Bahamas in 2014 remains more optimistic than the rates forecast by other international agencies.

Growth in Latin America and the Caribbean as a whole is expected to reach 2.2 percent in 2015, up from a sluggish 1.1 percent in 2014, according to the latest statistics from the U.N. agency which monitors the region’s economic development and prospects.

This 1.1 percent figure for 2014 represents the slowest growth in the region since 2009.

In a press release on the findings in its “Preliminary Overview of the Economies of Latin America and the Caribbean” briefing paper, ECLAC said of the anticipated 2015 growth boost: “This moderate rise will take place in the context of the global economy’s slow and heterogeneous recovery, with downward pressure on commodity prices and little dynamism in the region’s external demand as well as an increase in financial uncertainty.

The evolution of the global economy will have different impacts among countries and sub-regions in 2015, as it did throughout 2014. Central America plus Haiti and the Spanish-speaking Caribbean are expected to grow at a rate of 4.1%, South America at 1.8%, and the English-speaking Caribbean at 2.2%.”