Slow growth in the Caribbean during 2012 will continue this year in the region, according to estimates released today by the President of the Caribbean Development Bank (CDB), William Warren Smith. Gross Domestic Product in Guyana and Haiti alone may increase by more than five percent, respectively, according to CDB projections, he said.

The abolition of the unpopular tax would result in almost 60,000 extra jobs in the long term, the report added. Commissioned by four UK airlines including British Airways, the report added that scrapping APD would pay for itself by increasing revenues from other sources such as income tax and VAT.