Uncertainty looms over Caribbean economies

The Caribbean Development Bank (CDB) has cautioned that great uncertainty looms for regional economies this year.

As a result, the CDB is urging regional governments to redouble their efforts to reduce spiralling debt.

Giving its assessment of the economic prospects across the region for 2013, the CDB says most countries failed to find their economic footing in 2012 and adds that not much change is expected this year.

Despite this, the Barbados-based financial institution predicts that growth in the region is mainly expected to be positive, with Guyana leading the way with real gross domestic product projected at nearly five per cent.

The CDB says growth in most of the nine-member Organisation of Eastern Caribbean States is projected at around one to two per cent, reflecting ongoing efforts at fiscal consolidation.