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The Economic Commission for Latin America and the Caribbean (ECLAC) is

predicting a two per cent growth for Caribbean economies in 2013.

ECLAC said that the anticipated result is “on the back of the buoyancy of economies specialized in producing and exporting raw materials, mainly Guyana and Suriname, and the recovery in countries more focused on exporting tourist services, as a result of the improved economic situation in the United States”.

Overall, ECLAC said regional countries will grow, on average, by 3.5 per cent in 2013, thanks to buoyant internal demand and the improved performance of some countries.  

The United Nations agency said that the 2013 results are partly due to the expectations of higher growth in Argentina and Brazil “thanks to the upturn in agricultural activity and investment, which fell in those countries in 2012.

“The regional expansion is also backed by ongoing growth in consumption in the wake of improved labor indicators and rising bank credit to the private sector and, to a lesser extent, investment.

“This has combined with consistently high prices for raw materials, which are expected to remain elevated, despite falling in relation to levels seen in 2012,” ECLAC said.

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