- January 26, 2020
- Posted by: dawgenglobal
- Categories: Advisory, Business plans, Competitive research, Consulting Services, Human Resources, Innovation, International, IT Services, News, Performance
A new report by the Economic Commission for Latin America and the Caribbean (ECLAC) from the United Nations has found the Commonwealth of Dominica to be the fastest growing economy in the entire Latin America and the Caribbean region in 2019.
The island’s GDP is said to have jumped up by 9%, attributed to Citizenship by Investment (CBI), soaring tourism numbers and public sector construction. Foreign investors sought to obtain second citizenship from Dominica through the CBI Programme, choosing to either make a minimum US$100,000 contribution to a government fund or invest in pre-approved real estate, such as luxury resorts and boutique hotels.
Some reasons driving investors’ trust are linked to them seeking to belong to a stable democracy with great diplomatic relations, a trustworthy business environment and a promising economic future. Importantly, Dominica’s CBI Programme is considered the best in the world. Dominica is leading the macroeconomic expansion in the Eastern Caribbean Currency Union (ECCU).
Dominica with 9% growth in 2019 is followed in the region by followed by Antigua and Barbuda (6.2%), the Dominican Republic (4.8%) and Guyana (4.5%). In contrast, the report showed that Venezuela will experience the greatest setback, with a contraction of -25.5%, followed by Nicaragua (-5.3%), Argentina (-3.0%) and Haiti (-0.7%). Central America will grow 2.4%, the Caribbean 1.4% and South America will contract -0.1%.
For 2020, ECLAC’s projections indicate that Caribbean nations will continue leading regional growth (with a sub-regional average of 5.6%), led by Guyana (85.6%, due to oil production starting in 2020), Antigua and Barbuda (6.5%), Dominica (4.9%) and the Dominican Republic (4.7%).