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International Monetary Fund
The objective of this paper is to analyze the growth performance of the ECCU countries since independence and the policy challenges they face to ensure sustained growth in the period ahead. Although tourism specialization may bring about higher growth, it could also increase volatility in growth by amplifying the impact of business cycles in source countries on the tourism sector. Low productivity growth is principally the reason for the slowdown in growth. High debt levels have been a major drag on growth.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund. Western Hemisphere Dept.
This paper presents the Staff Country Report on St. Vincent and the Grenadines. This Statistical Appendix for St. Vincent and the Grenadines was prepared by a staff team of the IMF as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on December 8, 2006. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of St. Vincent and the Grenadines or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
International Monetary Fund
This paper describes the IMF's projections and estimates of St. Vincent and the Grenadines on prices and wages, GDP by economic activity at current factor cost and by type of expenditure at current prices, petroleum consumption and unit values, consumer price index, summary of central government operations, revenues and grants, expenditure, net lending and investment plan and consolidated public sector operations, national insurance scheme, monetary survey, consolidated balance sheets of foreign commercial banks and commercial banks, interest rate structure of commercial banks, summary of balance payments, public sector external debt, etc.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Mr. Alejandro D Guerson and Mr. Giovanni Melina
This paper proposes a fiscal policy framework we call Public Debt Targeting. The framework seeks to smooth primary spending over the business cycle while remaining consistent with public debt sustainability. Under the proposed framework, a government announces a commitment to a public debt band trajectory over the medium term, while sequentially announcing primary expenditures for the next budget cycle, which are determined recursively based on the history of shocks. Public debt targeting differs from a structural balance rule in that it internalizes the effect of the deterioration in creditworthiness from fiscal deficits and public debt accumulation, which tend to affect sovereign spreads, interest rates, exchange rates, and economic activity. The proposed framework is applied to Caribbean economies, which in general show high levels of public debt and procyclical primary expenditure.
Mr. Sebastian Acevedo Mejia
This paper seeks to determine the effects that natural disasters have on per capita GDP and on the debt to GDP ratio in the Caribbean. Two types of natural disasters are studied –storms and floods– given their prevalence in the region, while considering the effects of both moderate and severe disasters. I use a vector autoregressive model with exogenous natural disasters shocks, in a panel of 12 Caribbean countries over a period of 40 years. The results show that both storms and floods have a negative effect on growth, and that debt increases with floods but not with storms. However, in a subsample I find that storms significantly increase debt in the short and long run. I also find weak evidence that debt relief contributes to ease the negative effects of storms on debt.
International Monetary Fund

This Selected Issues paper on St. Lucia examines challenges facing the Windward Islands banana industry with a focus on the socioeconomic impact and production recovery strategies. The paper focuses on St. Luciathe—region’s largest producer and most populous island. It reviews recent developments in the tourist industry in St. Lucia and its growth potential over the medium term, in an increasingly competitive global tourism market. An overview of developments in the tourist industry in St. Lucia during the 1990s is also presented.