IMF says Caribbean growth has been 'sluggish'

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According to CANA, the International Monetary Fund (IMF) Monday said that while economic prospects are improving in the Caribbean, they are doing so “with substantial variation across countries”.

“Growth in tourism-dependent economies is expected to strengthen to around two per cent in 2019-20, supported by still strong United States growth, the main market for tourism in the region, and continued reconstruction from the 2017 hurricanes,” said .Alejandro Werner, Director of the IMF’s Western Hemisphere Department.

Werner, outlining the Regional Economic Outlook Update for Latin America and the Caribbean, said economic activity in Latin America and the Caribbean remains sluggish and that real gross domestic product (GDP) is expected to grow by 0.6 per cent in 2019, the slowest rate since 2016, before rising to 2.3 per cent in 2020.

He said the weak momentum reflects negative surprises in the first half of 2019, elevated domestic policy uncertainty in some large economies, heightened US-China trade tensions, and somewhat lower global growth.

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