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International Monetary Fund. Western Hemisphere Dept.
This 2018 Article IV Consultation highlights that the GDP growth in St. Lucia reached 3 percent in 2017, sustained by robust activity in several sectors. Favorable external conditions, coupled with hotel expansions and the addition of new flights, generated a strong recovery in tourism, with stay-over arrivals rising by 11 percent, the fastest growth in the Caribbean. Backed by strong tourism inflows, the current account balance strengthened. Unemployment declined from 21.3 percent in 2016 to 20.2 percent in 2017, but youth unemployment remains high at 38.5 percent and labor force participation has fallen. The short-term outlook is favorable, but prospects beyond that are sobering. GDP growth is expected to remain buoyant in the near term.
International Monetary Fund. Western Hemisphere Dept.
This paper elaborates 2014 Article IV Consultation, Seventh and Eight Reviews Under the Stand-By Arrangement (SBA), and Request for Waivers of Applicability and Non-Observance of Performance Criterion for St. Kitts and Nevis. The discussions focus on strategies to secure sustainable growth through enhancing tourism, developing cost-effective energy sources, and improving the business environment. It states that the authorities’ commitment to their program is reflected in the 2014 budget, and their plans to save the bulk of the Citizenship by Investment (CBI) application fees.
International Monetary Fund
St. Lucia faces significant policy challenges in the aftermath of Hurricane Tomas. It is experiencing an urgent balance of payments need that would result in a severe economic disruption. The government is focused on achieving medium-term debt sustainability. The policies outlined tackle urgent rebuilding needs and appropriately aim to maintain macroeconomic stability. Executive Directors support the request for funds based on the extent of the damage caused, the associated urgent balance of payments need, and the government’s commitment to limit the increase in capital spending.
International Monetary Fund
This paper discusses key findings of the Sixth Review under the Poverty Reduction and Growth Facility for Benin. Benin’s macroeconomic outlook is weaker for 2009–10, reflecting the impact of the crisis. The implementation of structural reforms needs to be accelerated to enhance the competitiveness of Benin’s economy and increase its resilience to exogenous shocks. The adoption of a comprehensive strategy for the cotton sector and the implementation of the public finance management action plan are welcome steps.
International Monetary Fund
St. Lucia faces structural challenges that need to be addressed to raise growth durably and reduce poverty. Implementation of planned tax reforms is important to achieve fiscal sustainability. The government’s plans to accelerate tourism-related public investment carry significant risks. Competitiveness is a challenge, and structural reforms need to be accelerated to raise the economy’s growth potential. Strengthening the supervision of the financial sector is another priority. St. Lucia is one of the most disaster-prone countries in the world. Economic and social statistics need to be improved.