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International Monetary Fund. Western Hemisphere Dept.

terms of financing), while the benefits only become evident when natural disasters occur, in terms of limiting the disruption of economic activity, protecting assets, minimizing replacement cost, etc. 59. Grenada’s DRS scenario assumes a post-COVID-19 implementation of reforms and capacity upgrades that underpin the scaling up of public spending on the three pillars . The main policy and macroeconomic assumptions behind the scenario are the following: Growth . The economic projections internalize the COVID-19 shock, including the large output contraction in 2020

International Monetary Fund. Western Hemisphere Dept.
Natural disasters and climate change are existential threats to Grenada, with annual losses from these events estimated at 1.7 percent of GDP. Grenada has proactively pursued resilience-building, with its Climate Change Policy and National Adaptation Plan providing detailed roadmaps for policymakers. However, the challenges are increasing, including from slow-moving effects owing to the rising sea level, even as implementation capacity and resource constraints remain significant impediments. The COVID-19 pandemic has amplified those challenges by increasing risks and tightening Grenada’s fiscal space.