SOURCE CARIBBEAN JOURNAL_ Antigua and Barbuda is set to be the fastest-growing economy in the Caribbean, according to the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC). The UN’s latest report projects the twin-island nation’s GDP will grow by 6.3% in 2024, surpassing other Caribbean countries and even the Dominican Republic, which is expected to grow by 5.2%.
Antigua and Barbuda’s strong performance is fueled by a record-breaking surge in tourism, with 205,004 stayover arrivals by July, marking a 16% increase from 2023 and an 11% rise from 2019. Additionally, the ECLAC report hints at a significant boost from the country’s citizenship by investment program.
The growth is expected to continue into 2025, with a forecasted GDP increase of 4.8%. Following Antigua and Barbuda, St Vincent and the Grenadines and Dominica are projected to grow at 4.7% and 4.6%, respectively.
