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Western Hemisphere > Dominica

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Cover IMF Working Papers
The Caribbean and its Linkages with the World: A GVAR Model Approach
Mr. Mauricio Vargas
and
Daniela Hess
Using data from 1980-2017, this paper estimates a Global VAR (GVAR) model taylored for the Caribbean region which includes its major trading partners, representing altogether around 60 percent of the global economy. We provide stilyzed facts of the main interrelations between the Caribbean region and the rest of the world, and then we quantify the impact of external shocks on Caribbean countries through the application of two case studies: i) a change in the international price of oil, and ii) an increase in the U.S. GDP. We confirmed that Caribbean countries are highly exposed to external factors, and that a fall in oil prices and an increase in the U.S. GDP have a positive and large impact on most of them after controlling for financial variables, exchange rate fluctuations and overall price changes. The results from the model help to disentangle effects from various channels that interact at the same time, such as flows of tourists, trade of goods, and changes in economic conditions in the largest economies of the globe.
Keywords:
WP; exchange rate; oil price drop; ECCU country; GVAR model; ECCU economy; shock equivalent; Oil prices; Vector autoregression; Oil; Tourism; Imports; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the income dispersion and comovement in the Eastern Caribbean Currency Union region. It finds that incomes are diverging, with the Leeward Islands converging to a higher income level than the Windward Islands. The paper examines the macroeconomic impact of trade preference erosion on the Windward Islands and demonstrates the substantial impact from preference erosion on growth, trade balances, and fiscal positions. The paper also analyzes the size of the informal economy in the Caribbean.
Keywords:
ISCR; CR; income; cost of capital; per capita income; ECCU country; informal economy estimate; social security scheme; income catch up; EU banana regime; financing cost of capital; FDI deflator; size of the informal economy; Informal economy; Personal income; Agricultural commodities; Securities; Exports; Caribbean; Global
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: Statistical Appendix
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.
Keywords:
ISCR; CR; banana production; production; Banana Growers' Association; EU market; farmer; development partner; taxation treaties between St. Vincent and the Grenadines; EU commitment; trade arrangement; taxation treaty; BGA's restructuring; Agricultural commodities; Money laundering; Foreign banks; Caribbean
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 2001 Article IV Consultation—Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for St. Vincent and the Grenadines
International Monetary Fund
This 2001 Article IV Consultation highlights that in recent years, economy of St. Vincent and the Grenadines has diversified from bananas into services, mainly tourism, telephone and Internet-based marketing, and offshore financial services. However, the rate of economic growth declined sharply to 2 percent in 2000. The external current account deficit is estimated to have doubled to about 16½ percent of GDP in 2001 largely owing to a decline in banana export volumes, higher imports, and a slowdown in tourism receipts and remittances.
Keywords:
ISCR; CR; government; GDP; report; outturn; central government saving; authorities in St. Vincent and the Grenadines; authorities' preference; revenue receipt; tourist performance; Public investment spending; Public sector savings; Public enterprises; Agricultural commodities; Caribbean
Cover IMF Staff Country Reports
St. Lucia: Staff Report for the 2000 Article IV Consultation
International Monetary Fund
This 2000 Article IV Consultation highlights that after a period of slow growth in the mid-1990s, mainly owing to a decline in banana output, economic growth of St. Lucia has improved since 1998. In 1998–99, real GDP rose by an average of 3 percent a year. Executive Directors have stressed that further diversification and enhancements to international competitiveness are needed to permanently raise long-term growth and to reduce the external vulnerability of the economy, particularly in light of the market uncertainties facing the crucial banana industry.
Keywords:
ISCR; CR; banana industry; economy; GDP; tourism in St. Lucia; deficit; property taxation; banana production; tong term growth; Agricultural commodities; Public sector; Service exports; Consumption taxes; Public enterprises; Caribbean
Cover IMF Staff Country Reports
Dominica: Recent Economic Developments
International Monetary Fund
The economy is predominantly agricultural, although some degree of diversification has taken place in recent years toward tourism, communications, and financial services. The performance of the main agricultural activity, banana production and exports, has steadily deteriorated since the early 1990s and has adversely affected developments in other sectors. In the external sector, the current account of the balance of payments has shown a marked deterioration in recent years. The saving-investment balance showed a marked deterioration during 1999–2000.
Keywords:
ISCR; CR; Dominica; deficit; firm; inflation rate; dollar; export earnings; terms of trade; export production; broad money; export market; Agricultural commodities; Exports; Commercial banks; Loans; Caribbean
Cover IMF Staff Country Reports
St. Kitts and Nevis: Staff Report for the 2000 Article IV Consultation
International Monetary Fund
St. Kitts and Nevis is a small, open economy that is heavily dependent on tourism and other services, and some light manufacturing. The exchange rate peg to the U.S. dollar and strict limits on central government borrowing from the Eastern Caribbean Central Bank (ECCB) have helped maintain inflation at low levels, averaging below 2 percent in recent years. Labor force data are not collected in St. Kitts and Nevis, but shortages of highly skilled labor are reported to exist, and migrant workers are being employed in both agriculture and construction.
Keywords:
ISCR; CR; deficit; alternative; GDP; debt; effort; open economy; sugar industry; federation authorities; imputed reserve; sea port investment project; Agricultural commodities; Credit; Monetary base; Caribbean
Cover The Eastern Caribbean Currency Union
The Eastern Caribbean Currency Union
Institutions, Performance, and Policy Issues
Mrs. Ruby Randall
,
Mr. Jorge Shepherd
,
Mr. Frits Van Beek
,
Mr. J. R. Rosales
, and
Ms. Mayra Rebecca Zermeno

Abstract

The Eastern Caribbean Central Bank is one of just a few regional central banks in the world and the only one where the member countries have pooled all their foreign reserves, the convertability of the common currency is fully self-supported, and the parity of the exchange rate has not changed. This occasional paper reviews recent developments, policy issues, and institutional arrangements in the member countries of the Eastern Caribbean Currency Union, and looks at the regional financial system, its supervision, and the central bank's initiatives to establish a single financial space. The paper includes a large amount of statistical information that is not readily available elsewhere from a single source.

Keywords:
OP; member government; government; CARICOM state; market; merchandise import; governments in the region; EU banana regime; Commercial banks; Loans; Agricultural commodities; Credit; Public investment spending; Caribbean
Cover IMF Staff Country Reports
Dominica: Recent Economic Developments
International Monetary Fund
This paper describes economic developments in Dominica during the 1990s. The paper highlights that despite the low overall growth rates observed in 1991–95, output in service-related industries grew rapidly. The hotels and restaurants sector expanded at a yearly average rate of 7.5 percent in 1991–95, while Dominica’s tourism receipts increased at an average annual rate of about 9 percent. Tourism expansion also stimulated transportation services, and value added in the transportation sector grew on average by 4½ percent annually.
Keywords:
ISCR; CR; U.S. dollar; private sector; foreign exchange; balance of payments; factor cost; banana export earnings; gross investment; pound sterling; exchange rate; official borrowing; Agricultural commodities; Commercial banks; Exports; Public sector; Caribbean
Cover IMF Staff Country Reports
Dominica: Statistical Appendix
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.
Keywords:
ISCR; CR; net; debt service; Eastern Caribbean dollar; US$ millions; net credit; coconut product; official borrowing; DBMC export unit value; unit value; deposit ratio; Public sector; Transportation; Exports; Capital spending; Agricultural commodities; Caribbean