Barbados along with countries in Latin America and the Caribbean are being challenged to boost growth to reduce poverty and achieve progress on the sustainable development goals.
The challenge came following the release of the UN World Economic Situation and Prospects 2024 which projects growth to decelerate sharply in Latin America and the Caribbean.
The flagship economic report also points to a slowing of global economic growth from an estimated 2.7% in 2023 to 2.4% in 2024, trending below the pre-pandemic growth rate of 3.0%.
It states amid a deteriorating economic outlook, high borrowing costs and the slowdown in the United
States and China, the labour market outlook in the region will remain challenging this year.
Director of the economic analysis and policy division of the UN Department of Economic and Social Affairs, Shantanu Mukherjee notes while they are not expecting a recession, volatility remains.
Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division Hamid Rashid warned of significant challenges for developing countries should they face another shock given their debt risk.
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