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Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

This paper focuses on the independent states that are full members of the Caribbean Community. It provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead. The Caribbean countries face several common problems and must deal with similar economic policy issues. Consequently, concentrating on the regional perspective permits a comparison of the individual responses to similar problems. The regional view throws light on the countries' movement toward convergence. The economic prospects for the region are generally satisfactory over the medium term, but the projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world. The relatively favorable outlook for the region is not without risks, such as a slowdown in growth in the major trading partner countries or a term of trade shock.

International Monetary Fund

This Selected Issues paper analyzes macroeconomic fluctuations in the Eastern Caribbean Currency Union (ECCU). The paper describes data, along with the estimation technique used to ensure stationarity of the data. The empirical regularities of macroeconomic fluctuations in the ECCU are described, examining the relationship between a set of macroeconomic time series and domestic output, for each of the six IMF members of the ECCU. The paper also explores the determinants of macroeconomic volatility in the ECCU.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

With few exceptions, countries in the Caribbean region have performed reasonably well in recent years. They will, however, need to accelerate policy actions in a number of areas to address he challenges they are likely to face in the near future.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The economic performance of most of the countries in the Caribbean region has been broadly satisfactory in recent years, but insufficiently robust to substantially reduce unemployment. In the five-year period ended 1998, real GDP growth in the region was somewhat higher than in the major trading partner countries, inflation declined, and the fiscal and external positions improved. Also, progress was made toward trade liberalization.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The English-speaking Caribbean region has, for the most part, enjoyed economic stability, modest growth in per capita incomes, and a standard of living that compares fairly well with the rest of Latin America and the Caribbean as a whole. Also, social indicators are generally good and political systems stable. However, the increased integration of the region in the global economy has led to a number of risks that have to be addressed promptly for the countries of the region to accelerate growth and social progress in the period ahead. Although the region faces a number of issues that could be discussed, this paper concentrates on three broad topics, namely the need to: (1) lower the costs of financial intermediation and to strengthen supervision over onshore and offshore financial institutions; (2) improve the public finances—and, thereby, savings—to act as a buffer against external shocks; and (3) advance structural reforms—including further liberalization of trade—to enhance external competitiveness and promote the diversification of exports.

International Monetary Fund

This 2009 Article IV Consultation highlights that economic activity weakened in Suriname in 2009 in the context of lower alumina and oil prices and a sharp output decline in the alumina sector. However, economic growth is estimated to have remained positive at 2.5 percent, supported by buoyant activity in the gold and construction sectors. Inflation has fallen sharply. Executive Directors have welcomed the authorities’ decision to postpone the reduction in the corporate tax rate, as this would adversely affect tax collections.

International Monetary Fund

In this paper, the economic growth of Suriname is discussed. The fiscal deficit shifted from 2.2 percent to 3.3 percent of GDP during 2009–10. In 2010, CLICO-Suriname was acquired by a local insurance company. The need to rein in current expenditure and avoid development of wage–price inflation and strengthen the social support programs are stressed by the authorities. The introduction of VAT and other systems are discussed. Finally, improvement over the business environment to facilitate the development of the private sector and global economy was encouraged.

International Monetary Fund. Western Hemisphere Dept.

The economy continues to recover at a steady pace, buoyed by strong activity in the oil and gold sectors, as well as public investment. In the wake of the January 2011 devaluation and concurrent increase in taxes, the fiscal balance shifted from a deficit of 3 percent of GDP in 2010 to a surplus of 1 percent in 2011. The balance of payment also strengthened significantly, boosting reserves to nearly US$1 billion (5¼ months of imports) at end-2011. With still-tight monetary conditions, 12-month inflation dropped to 3.6 percent in May 2012, from a peak of over 22 percent in April 2011.

International Monetary Fund. Western Hemisphere Dept.

This 2014 Article IV Consultation highlights that Suriname�s macroeconomic conditions weakened in 2013 as gold and oil prices declined. With those prices falling below recent peaks, the large fiscal and external sector exposures to the mineral sector continued their deterioration in 2013, along with a significant decline in international reserves. Growth is estimated at a robust 4 percent in 2013, supported by fiscal relaxation and strong credit growth. Strong fiscal consolidation is being implemented in 2014, and the fiscal deficit is expected to decline to 3.7 percent of GDP this year. Public debt is rising but remains relatively low at about 30 percent of GDP.

International Monetary Fund. Western Hemisphere Dept.

2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Suriname