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Western Hemisphere > Dominica

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Cover Technical Assistance Reports
Dominica: Technical Assistance Report-Report on External Sector Statistics Mission (July 15–26, 2024)
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Central Statistics Office (CSO) of Dominica as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The mission focused on addressing data gaps and improving statistical techniques for travel exports and direct investment to enhance the accuracy of the balance of payments (BOP) and the international investment position (IIP) and reduce net errors and omissions. In addition, the revised 2023 BOP that will be disseminated in December 2023 was reviewed.
Keywords:
Dominica; balance of payments statistics.; BOP survey; Dominica authority; BOP estimate; CBI program transaction; IMF's Statistics Department; External sector statistics; International investment position; Pension spending; Foreign direct investment; Caribbean
Cover IMF Staff Country Reports
Dominica: Technical Assistance Report-External Sector Statistics
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Dominica focuses on external sector statistics. The Eastern Caribbean Central Bank (ECCB) and the Central Statistics Office have implemented recommendations from the previous mission regarding timeliness and data accessibility. The mission focused on improving data sources for travel credits and the Citizenship by Investment Program (CBI) flows for the balance of payments. Revised 2022 balance of payments estimates were reviewed; additional refinement is needed. The ECCB has been incorporating available cash-based data on CBI flows from the fiscal sector into the balance of payments. However, fiscal data for 2021 and 2022 show some possible misclassifications that would affect the correct recording of external flows in the balance of payments. The report highlights that follow-up on the request made to the CBI to complete the ECCB balance of payments questionnaires for 2021 and 2022 and report on the existence of foreign escrow accounts. Coordination between data-producing agencies needs to be improved. A survey of cruise passengers is required to improve the estimates of visitor expenditure; visitors that arrive by yatchs are not surveyed either.
Keywords:
Dominica; balance of payments statistics.; balance of payments statement; balance of payments estimate; business visitor; VES result; visitor expenditure questionnaire; ECCB website; Civil society organizations; External sector statistics; International investment position; Credit; Caribbean
Cover Selected Issues Papers
Unlocking Tourism Potential for Sustainable and Inclusive Growth in Dominica
Mr. Yibin Mu
,
Sinem Kiliç Çelik
, and
Archit Singhal
Tourism is an important driver of Dominica’s economy. The damage of the pandemic on Dominica’s tourism sector was severer than in most regional peers, and the recovery has also been much slower, mostly due to the timing of lockdown restrictions. This paper reviews the tourism sector landscape in Dominica, assesses its recent performance relative to peers, and analyzes the main determinants and constraints for tourism development. Our econometric analysis shows that flight connectivity and demand variables play the most significant role in explaining tourism developments, while natural disasters can have negative lasting significant impacts. This calls for improving infrastructure and enhancing resilience.
Keywords:
Island economy; tourism; Caribbean states; tourism sector; tourism development; Dominica's economy; demand variable; stringency index; Natural disasters; COVID-19; Inclusive growth; Income; Caribbean
Cover IMF Staff Country Reports
Dominica: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper reviews the tourism sector landscape in Dominica, assesses its recent performance relative to peers, and analyzes the main determinants and constraints for tourism development. Tourism plays a vital role in Dominica’s economy. It contributes significantly to growth, employment, and exports. The coronavirus disease 2019 pandemic had a significant impact on Dominica’s tourism sector, and the recovery has been slower compared to peers. While the drop in tourist arrivals in Dominica was similar to regional peers, the recovery has been much slower. The underperformance appeared mainly explained by the costs of stay and timing of lockdown restrictions. The econometric analysis shows that flight connectivity and demand variables play the most significant role in explaining tourism developments, while natural disasters can have negative lasting significant impacts. This calls for improving infrastructure and enhancing resilience. Furthermore, countries can enhance competitiveness and reduce vulnerabilities by investing in the expansion of skilled labor supply for the sector and diversifying product offers.
Keywords:
tourism sector landscape; tourism recovery; market source; tourism flow; Yibin mu; Tourism; Natural disasters; COVID-19; Income; Caribbean
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2022 Article IV Consultation with Member Countries on Common Policies of the Eastern Caribbean Currency Union-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union
International Monetary Fund. Western Hemisphere Dept.
This 2022 Article IV Consultation highlights that with Eastern Caribbean Currency Union 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. 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 Eastern Caribbean Central Bank’s loan moratoria program. The outlook is subject to large downside risks, primarily from further increases in commodity prices and new coronavirus disease variants amid vaccine hesitancy, in addition to the ever-present threat of natural disasters. The report recommends that maintaining fiscal prudence while protecting the vulnerable through health spending and temporary targeted transfers and enhanced social safety nets to cope with rising living costs. Adopting well-designed rule-based fiscal frameworks would help achieve fiscal consolidation, enhance resilience to shocks such as natural disasters, and preserve the credibility of the regional debt target.
Keywords:
ECCU economy; ECCU member country; ECCU country; ECCU member states; ECCU region; Natural disasters; COVID-19; Fiscal stance; Caribbean; Global; Climate change; Loans
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper focuses on scarring effects of the pandemic on the Eastern Caribbean Currency Union’s (ECCU). Assessing the extent of the scarring effects is essential for the conduct of future economic policy in the ECCU. A better understanding of the factors affecting the scarring effects and their fiscal implications could help inform the discussions on policies needed to overcome them, especially for economies with limited economic diversification and high vulnerability to frequent shocks and natural disasters such as the ECCU countries. The significant output contraction would generate scarring effects in the ECCU countries. The degree of scarring could vary with countries’ economic structure and policy responses to the pandemic. ECCU countries need to balance difficult tradeoffs to mitigate scaring effects of the pandemic, other recent shocks, and limited fiscal policy space. In the short term, the priorities are to continue health spending to cope with the pandemic and use effective social transfers to cope with rising living costs. In the medium term, moving from income support and job retention measures to adopting active labor market policies would facilitate the reallocation of workers and resources to their most productive uses and help foster productivity growth.
Keywords:
responsibility framework; ECCU country; difference in Debt-to-GDP projection; B. output loss; Real GDP loss; Fiscal rules; Natural disasters; COVID-19; Fiscal stance; Global; Caribbean
Cover IMF Staff Country Reports
Dominica: Technical Assistance Report-External Sector Statistics
International Monetary Fund. Statistics Dept.
A remote technical assistance (TA) mission on external sector statistics (ESS) was conducted to the Statistics Department of Dominica (SDD) during August 30 to September 10, 2021. The mission was carried out as part of the Caribbean Regional Technical Assistance Centre (CARTAC) work program on ESS. The balance of payments and international investment position (IIP) statistics for Dominica are compiled jointly by the SDD and the Eastern Caribbean Central Bank (ECCB).1 In this context, three staff from the ECCB participated in the mission in their capacity of ESS compilers for Dominica. Fadhila Alfaraj of the IMF’s Statistics Department (STA) joined the mission.
Keywords:
IMF's Statistics Department; International monetary fund 1Canada; staff team of the International Monetary Fund; balance of payments summary; deficit of EC; External sector statistics; Balance of payments statistics; Imports; Current account deficits; Caribbean
Cover IMF Staff Country Reports
Dominica: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
International Monetary Fund. Western Hemisphere Dept.
Dominica has been hit hard by the Covid-19 pandemic, with an estimated decline in GDP of 11 percent in 2020 underpinned by a sharp reduction in tourism receipts that affected connected sectors and by lockdown measures to limit virus contagion. The output decline was contained by health spending, social transfers, and public investment resilient to natural disasters which increased significantly, leading to an increase in public debt to 106 percent of GDP despite record-high Citizenship-by-Investment (CBI) revenue. The financial sector remained stable and liquid, but vulnerability continue to be significant in the under-capitalized non-bank sector.
Keywords:
CBI revenue; authorities of Dominica; authorities' effort; pandemic well; response to the pandemic; Natural disasters; Public investment spending; COVID-19; Caribbean; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: 2021 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union
International Monetary Fund. Western Hemisphere Dept.
The fallout from the COVID-19 crisis is hitting ECCU economies hard. Tourism receipts (accounting for nearly 40 percent of GDP) have dried up, as tourist arrivals have come to a grinding halt. The authorities successfully contained the spread of the virus at the onset of the pandemic by largely closing the borders, but a reopening of the economies since the summer has led to a surge in COVID cases. The ECCU economy is projected to contract by 16 percent in 2020 and by a further near ½ percent in 2021. Fiscal positions have deteriorated sharply, and public debt is projected to reach near 90 percent of GDP in 2021 and remain at an elevated level for years to come. Headline indicators suggest the financial system is relatively sound with ample liquidity buffers, but nonperforming loans are expected to rise significantly. The outlook is clouded by exceptionally high risks, including from the uncertainty concerning the evolution of the pandemic.
Keywords:
ECCU economy; ECCU member states; ECCU country; ECCU price aggregate; headline indicator; COVID-19; Loans; Nonperforming loans; Tourism; Caribbean; Global
Cover IMF Working Papers
Strengthening Public Investment Management in the Eastern Caribbean Currency Union: Getting more bang for the dollar!
Mr. A. E. Wayne Mitchell
,
Ann Marie Wickham
, and
Mr. Manuel Rosales Torres
The quality and stock of infrastructure vary widely across countries of the Eastern Carribbean Currency Union and are inadequate to achieve the desired higher growth and social development. Given relatively low investment rates in the region, one solution is to invest more. However this paper shows that governments can also narrow their infrastructure and service gaps significantly by improving expenditure efficiency and strengthening public investment management systems.
Keywords:
WP; investment; ECCU country; cost; physical capital; ECCU member government; efficiency gap; investment planning; private sector; ICT system; government spending; ECCU member country; Infrastructure; Public investment and public-private partnerships (PPP); Public investment spending; Capital spending; Caribbean; Expenditure Efficiency; Public Investment Management