Antigua and Barbuda tops as fastest-growing economy in Caribbean: UN Report

The island nation of Antigua and Barbuda is leading the Caribbean region with its improving economic rate. The Economic Commission for Latin America and the Caribbean by the United Nations (UN) marked the country as the fastest-growing economy in its latest report.

The report by the UN was the Economic Survey of Latin America and the Caribbean 2024 in which Antigua and Barbuda was mentioned as the rapidly growing nation. The report projected that by the end of 2024, the two island countries will touch a GDP growth of 6.3 percent.

The annual report by the UN focused on the low-growth trap, climate change, and employment trends as the basis of the data. The ECLAC report considers the recent economic activities in the region and results recorded by the nation, which is compared to rank the countries.

The data disclosed that the growth rate of 6.3 percent for Antigua and Barbuda is calculated as the highest in the region. No other neighboring nations in the Caribbean are touching this mark achieved by the works of the Antiguan government.

The experts who prepared this year’s reports also mentioned that, assumably, the country will continue its growing venture in 2025. The UN’s authority forced that Antigua and Barbuda will cross the mark of 4.8 percent GDP growth next year with the help of similar economic practices.

The performance of the twin-island nation in the recent report is also seen as a major achievement as it surpassed the country of the Dominican Republic. The Dominican Republic stayed as a longtime economic giant in the Caribbean, which is left behind this time.

In the Economic Survey of Latin America and the Caribbean 2024, the Dominican Republic is projected to achieve the mark of 5.2 percent GDP growth. With this forecast, the nation stayed at the second place in the report.

After Antigua and Barbuda and the Dominican Republic, the country of St Vincent and the Grenadines took the third spot in the report with an expected growth of 4.7 percent. Dominica follows the ranking on the top spot with a forecast of a 4.6 percent economic hike.

With the recent reports, the economic expenses are looking at this time as a major point of strengthening and elevation of the Antiguan economy. The boost in the tourism industry and the steps taken in the sector are seen as one of the reasons the nation saw record-breaking growth.