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Dominica: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2022: Issue 040
Language:
English
Publication Date:
14 Feb 2022
DOI:
https://doi.org/10.5089/9798400202506.002
ISBN:
9798400202506
ISSN:
1934-7685
Pages:
79
Keywords:
CBI revenue; authorities of Dominica; authorities' effort; pandemic well; response to the pandemic; Natural disasters; Public investment spending; COVID-19; Caribbean; Global
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund