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International Monetary Fund

This Selected Issues paper on the Eastern Caribbean Currency Union (ECCU) underlies key features of business cycles. To obtain new measures of classical and growth cycles, simple rules were applied to date turning points in the classical business cycle, and a recently developed frequency domain filter was used to estimate the growth cycle. At the regional level, the ECCU countries are facing two shocks, i.e., the depreciation of the U.S. dollar and the depreciation of the Dominican Republic’s peso. The countries of the ECCU have experienced modest erosion in their price and nonprice competitiveness.

International Monetary Fund

The Eastern Caribbean Currency Union (ECCU) countries’ economies are heavily dependent on the United States for foreign direct investment, mainly in the tourism sector. The Selected Issues paper discusses economic development and policies of the ECCU. About one-third of the stayover tourists to the ECCU countries are from the United States., the top tourist-source country. The flow of remittances is also an important channel of influence, reflecting the significant proportion of Caribbean migrants living in the United States.

International Monetary Fund. Western Hemisphere Dept.
With ECCU economies slowly emerging from the pandemic with scars, the impact of the war in Ukraine is a setback to the nascent recovery. Higher food and energy prices, amid ongoing supply disruptions and intra-regional transportation bottlenecks, are raising inflation, eroding income, lowering output growth, worsening fiscal and external positions, and threatening food and energy security. As a result, inflation is expected to hover over 5½ percent in 2022. Real GDP is projected to grow by 7½ percent in 2022, leaving output still well below the pre-pandemic level. Fiscal deficits are projected to remain sizable, given continued pandemic- and disaster-related spending and temporary support to address rising living costs, thereby keeping gross financing needs and public debt at elevated levels in the near term. The financial system has remained broadly stable so far, with adequate capital and liquidity buffers, but nonperforming loans remain high and could rise further following the expiration of the ECCB’s loan moratoria program. The outlook is subject to large downside risks, primarily from further increases in commodity prices and new COVID variants amid vaccine hesitancy, in addition to the ever-present threat of natural disasters.
International Monetary Fund. External Relations Dept.

It’s a tale oft told: a wealth of natural resources; staggering increases in public revenues; greed, bribery, and corruption on a massive scale; and a country that stays mired in absolute poverty. It is a tale, though, that can have another ending, and the IMF is seeking to add a new chapter to the story with the release of its draft Guide on Resource Revenue Transparency.

International Monetary Fund. External Relations Dept.

Since 1990, the island states of the Eastern Caribbean Currency Union (ECCU) have seen their incomes grow at under 3 percent a year, less than half the rate of income growth in the 1980s. In recent years, sluggish growth has been compounded by rising indebtedness. What can be done to reinvigorate growth and address the region’s high debt? A seminar—organized in Washington, D.C., in December 2004 by the Eastern Caribbean Central Bank (ECCB) and the IMF’s Western Hemisphere Department—examined possible steps.