The United Nations Economic Commission for Latin America and the Caribbean, known as ECLAC has released latest economy survey on Latin America and Caribbean countries.
In the report, the agency mentioned Dominica and Antigua are the fastest growing countries and these two countries are projected to achieve highest GDP growth in 2019. The Caribbean region as a whole projected to grow by 2.1%
- Dominica – 9.9%
- Antigua and Barbuda – 5.9%
- Grenada – 3.3%
- Saint Kitts and Nevis – 3.1%
- Saint Lucia – 2%
The Citizenship by investment (CBI) schemes have been a major ‘cash cow’ for small caribbean countries and CBI funds were used for healthcare, education, new homes, reducing debt, hurricane recovery, creating jobs and funding of five star hotels to boost tourism.
The Commonwealth of Dominica suffered a catastrophic damage in 2017 when hurricane Maria wiped out 90% of the GDP. Since then the Dominica, despite a small country, quickly recovered setting a great example for other countries in recovery efforts. The country received over half of the revenues from CBI scheme.
Other countries also significantly benefited from CBI schemes in achieving the GDP growth and reducing debts.
Grenada and Antigua reduced public debt from CBI receipts.
Grenada at the end of June 2019, total public debt stood at 59.5% of GDP, compared to the 108% that existed in 2013. Grenada economy remains strong in 2019, with another year of growth being projected with revenue collection up in 2019 according to the Government. The CBI receipts were also up 37% for Grenada
Antigua’s public debt also remains low.
The UN report also shows the CBI countries in the Caribbean have significantly smaller debt compared to other countries
The full report is available here
