Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

result, the service-based economies, have also not been spared. Apart from Guyana 10 , every other economy in the region has witnessed contraction in 2020 (Table 1) . As per ECLAC, the total employment is estimated to have reduced by 9 percentage points in the Caribbean, compared to two percentage points in Latin America. This is because lockdowns and travel restrictions have impacted travel and tourism industry disproportionately. According to WTTC 2019, tourism’s direct contribution to GDP in 2019 was 11.8% in the Caribbean GDP and its overall contribution amounted to 28.5% of GDP. Tourism also accounted for around 15% of the jobs, majority of which are held by women.

Table 1: GDP of CARIFORUM Countries at Current Prices and Real Growth Rates

GDP (US$ bn)

Real GDP Growth (%)

Countries

2020 e

2021 f

2020 e

2021 f

2019

2019

Antigua and Barbuda

1.7

1.4 9.9 4.4 1.7 0.5

1.4

4.7 -20.0 0.7 -14.5 -1.3 -18.0 1.8 -14.0 7.5 -11.0

1.0 2.0 3.3 8.5 3.4 9.5 2.7

The Bahamas

13.2

10.7

Barbados

5.3 2.0 0.6

4.6 1.9 0.6

Belize

Dominica

Dominican Republic

89.0

78.9

89.5

5.1

-6.7

Grenada Guyana

1.2 5.2

1.0 5.5

1.1 7.4

0.7 -13.1

5.4

43.5 -3.3

20.4 -0.7

Haiti

14.8 15.8

14.5 14.0

20.1 14.9

-1.7

Jamaica

1.0 -10.0 4.8 -14.4 -0.1 -20.4

4.6

St. Kitts and Nevis

1.2 2.1 0.8 4.0

1.0 1.6 0.8 2.9

1.0 1.7 0.8 2.8

-1.0

St. Lucia

3.5

St. Vincent and the Grenadines

0.5

-3.3

-6.1

Suriname

1.1 -15.9

0.7

Trinidad and Tobago

23.2

21.6

21.6

-1.2

-7.9

-1.0

Source- IMF WEO October 2021 e - Estimates; f - Forecasts

On the other hand, the disruption in the global demand and prices severely hit commodity dependent economies in the CARIFORUM where the energy sector is an important source of income, fiscal revenues, and foreign exchange earnings. For example, in Trinidad and Tobago, the energy sector accounts for 26 percent of economic activity, 84 percent of export and 34

10 Guyana’s recent oil discovery has ensured growth for the economy

10

Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation