Grenada Broadcasting Network

28th November 2022

  

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Grenada’s economic growth will drop from 4.2 per cent last year to 3.1 per cent in 2019.

The prediction was made by the international monetary fund (IMF) in its latest regional economic outlook for the western hemisphere.

Overall the International Monetary Fund says growth in Latin America and the Caribbean (LAC) is slowing down and that the region is expected to record a 0.2 per cent growth this year.

The Washington-based financial institution said that the low growth comes amid continued trade tensions, lower global growth, subdued commodity prices, and in some large regional economies, high policy uncertainty.

The IMF says in order to boost the economic recovery and create more jobs; the region will need to rely on domestic drivers of growth, like consumption and investment.

In reviewing the economic performances of the Caribbean countries, the IMF noted that Guyana is projected to record economic growth of 4.4 per cent this year, up from 4.1 per cent last year.

The IMF is predicting that Belize will record negative growth, moving to 2.7 per cent from three per cent last year, while Antigua and Barbuda will see economic growth decline from seven per cent last year to four per cent this year.

The Bahamas, hit by a Category 5 hurricane in September will also record a decline in economic growth from 1.6 per cent last year to 0.9 per cent in 2019, while Barbados, which had a negative 0.6 per cent growth in 2018, will register a minus 0.1 per cent growth this year.

The IMF said Dominica will be among Caribbean countries recording a high economic growth this year of 9.4 per cent, up from 0.5 per cent last year, while Grenada’s economic growth will drop from 4.2 per cent last year to 3.1 per cent in 2019.

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