After an extremely difficult year in which the economies of its 19 Borrowing Member Countries (BMCs) contracted by 12.8% on average due to the onset of Covid-19, the Caribbean Development Bank (CDB) is projecting an average gross domestic product (GDP) growth of 3.8% in 2021. However, this projection, made in Part 1 of CDB’s Regional Report: 2020 Review and 2021 Outlook, released today, is clouded by the ongoing uncertainty, caused by the global pandemic. In 2020, the majority of BMCs registered double-digit declines in GDP. Countries with significant tourism industries, such as The Bahamas, Barbados, Belize, Cayman Islands, Dominica, and Grenada, were hard-hit by a more than 70% drop in overnight visitors in 2020, which spilled over to affect other economic sectors
