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Trinidad and Tobago banks continue to lead Caricom ranking despite oil price hits

Weak economic growth has lowered profitability across the Caribbean Community and Common Market, but the strong Trinidadian banking market and good results elsewhere offer some good news in the region.
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Trinidad and Tobago banks continue to lead Caricom ranking despite oil price hits

Most of the Caribbean economies expanded their gross domestic product (GDP) in 2014, averaging at 1.3%, according to estimates by the Caribbean Development Bank. Although this is down on 2013’s 1.7% average, sustained growth in the region is good news after the catastrophic economic downturn saw the regional GDP shrink by 3.6% in 2009. The prospects for 2015 are already looking positive, too.

The strongest growth rates in 2014 were witnessed in the most tourism-dependent economies in the region. Saint Kitts and Nevis and the Turks and Caicos Islands, for example, experienced GDP growth of 4.2% and 4%, respectively, thanks largely to their tourism industries. 

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Silvia Pavoni is editor in chief of The Banker. Silvia also serves as an advisory board member for the Women of the Future Programme and for the European Risk Management Council, and is part of the London council of non-profit WILL, Women in Leadership in Latin America. In 2019, she was awarded an honorary fellowship by City University of London.
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