The Caribbean Development Bank estimates that the region's real gross domestic product (GDP) growth in 2014 was lower than in the previous 12 months, at 1.3% against 1.7% in 2013. However, the bank’s president, Warren Smith, is optimistic that 2015 will see an improvement, with most countries predicted to grow by between 1% and 3%.
Tourism and construction will likely provide the backbone of this growth, with some improvement in commodity exports also anticipated. In its recent forecast, published at the end of February, the Caribbean Development Bank suggested that governments would place greater emphasis on fiscal consolidation in a bid to address the high indebtedness that is afflicting many countries.