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International Monetary Fund. Western Hemisphere Dept.

On June 12, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation 1 with Grenada. The Grenadian economy continues to grow robustly. GDP expanded by 4¼ percent in 2018, driven by strong activity in construction and tourism. Unemployment has been falling, but it remains high at 21.7 percent as of mid-2018. Inflation has remained low and bank credit growth is positive. The external current account deficit is estimated to have narrowed in 2018 due to strong tourism receipts, but it remains elevated at around 11

International Monetary Fund. Western Hemisphere Dept.

’s competitiveness and the employment outlook is key to growth and prosperity. Structural reforms focus on improving the business environment, reducing electricity costs, and removing other obstacles to growth. “The authorities are committed to participating in the comprehensive regional strategy to strengthen the financial system, coordinated by the Eastern Caribbean Central Bank. Accelerated efforts are necessary to ensure that banks can provide credit needed for the Grenadian economy.” The Executive Board also completed the 2014 Article IV consultation with Grenada

International Monetary Fund. Western Hemisphere Dept.
Grenada made important strides under the 2014-17 ECF-supported program, achieving an impressive debt reduction by 37 percent of GDP since 2013, upgrading the framework for fiscal policy, strengthening the financial system, improving governance, and creating a better business environment. Nonetheless, public debt is still relatively high, job creation has been insufficient, and the institutional capacity for policy implementation needs strengthening.
International Monetary Fund
The Grenadian economy began to recover owing to progress in a number of reforms, combined with prudent macroeconomic policies that helped boost private sector confidence. Despite these major strides, indices of poverty and unemployment are the highest in the Caribbean region. Revitalizing the agricultural sector is essential for a sustained recovery. Continued vigilance over the domestic banking system is needed. The IMF staff commends the government for maintaining an agenda of ambitious reforms. Although the statistical base has improved in recent years, weaknesses remain.
International Monetary Fund

to implement technical assistance recommendations. IV. S taff A ppraisal 42. After years of virtual stagnation, the Grenadian economy began to recover in the mid-1990s as progress in a number of reforms, combined with prudent macroeconomic policies helped boost private sector confidence. Real GDP growth was particularly robust and broad-based in 1998–99, encompassing a recovery in the agricultural sector—which remains the mainstay of the economy. As a result of this performance, real GDP per capita has risen significantly, and progress has been made in

International Monetary Fund. Western Hemisphere Dept.

remains to be fully quantified, but it appears to be relatively small. In case Grenada’s request proceeds and is approved, the authorities indicated that Grenada would use the liquidity to support economic recovery, including support for households and businesses to help minimize the permanent damage to Grenada’s economy. In this regard, the authorities have recently established a Task Force for rebuilding the Grenadian economy with key stakeholders across the business, political and governmental spectrum, with the objective of building a more resilient economy. The

International Monetary Fund

E xecutive S ummary Following a period of virtual stagnation during the late 1980s and early 1990s, the Grenadian economy began to recover in 1995 in response to generally prudent macroeconomic policies and progress in implementing reforms in the public sector and the trade system. Real GDP growth rose to an average of 3½ percent a year in 1995–97, and 7–8 percent in 1998–99, based on a pickup in the implementation of infrastructural projects, and an upturn in demand in the agriculture, manufacturing, and services sectors. The economic recovery was

International Monetary Fund. Western Hemisphere Dept.

unprecedented nature of this crisis. They urge strong support from the Fund and other development partners in helping its membership address the significant social and economic fallout from the unfolding COVID-19 crisis. Impact of the COVID-19 Pandemic on Grenada Prior to the onset of the COVID-19 global pandemic, the Grenadian economy was performing strongly. During 2014–19, real GDP growth has averaged almost 5 percent and the outlook for 2020 was broadly favorable, with growth estimated to settle around 3 percent. During the same period, inflation remained low and

International Monetary Fund. Western Hemisphere Dept.

On July 13, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation 1 with Grenada. The Grenadian economy grew by an estimated 4½ percent in 2017, driven by strong activity in construction, tourism, and education sectors. Weather-related weakness in agriculture has, however, been a headwind. Unemployment fell from 28 percent in 2016 to 23.6 percent in 2017. Inflation is low, falling below 1 percent, supported by the peg to the US dollar. The 2017 current account deficit increased by 3½ percentage points of GDP

International Monetary Fund. Western Hemisphere Dept.

objective of anchoring medium-term planning and strategic interventions to accelerate growth and poverty reduction. Conclusion Our authorities believe that the Grenadian economy is at an important juncture in its economic history. While there are no doubts of significant existing and potential challenges, our authorities view this period as an unprecedented opportunity to continue to sow the seeds of economic transformation. They are committed to sound macroeconomic management and structural reforms. They will continue to highly value the support of the Fund and