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International Monetary Fund. Western Hemisphere Dept.

On July 13, 2016, the Executive Board of the International Monetary Fund concluded the consideration of the 2016 discussion on the common policies of member countries of the Eastern Caribbean Currency Union. The regional recovery is gaining ground, supported by continued low oil prices, strong tourism arrivals, and robust citizenship-by-investment receipts. Three failed banks have been resolved with no spillovers to the rest of the region and fiscal management has improved. Executive Board Assessment 1 Executive Directors welcomed the authorities

International Monetary Fund

On May 15, 2009, the Executive Board of the International Monetary Fund (IMF) concluded the 2009 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). 1 Background In the face of a weak and volatile external environment, economic activity in the ECCU has faltered, and the ECCU has entered a recession. Led by construction and tourism, average annual growth reached 4½ percent during 2003–07. However, growth declined to 1.8 percent in 2008, and the region's real GDP is expected to contract by a further 2½ percent

International Monetary Fund

On February 4, 2008, the Executive Board of the International Monetary Fund (IMF) concluded the 2007 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). 1 Background Economic activity in the ECCU remains robust, despite high oil prices and the ongoing erosion of European Union trade preferences. Real GDP growth was close to 6 percent in 2006, its strongest rate in more than 15 years, driven by tourism and construction ahead of the 2007 Cricket World Cup. Private construction activity remains the main driver

International Monetary Fund

On September 27, 2010, the Executive Board of the International Monetary Fund (IMF) concluded the 2010 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). 1 Background The ECCU region has been hard hit by the global economic downturn and is faced with a protracted recovery. Real regional Gross Domestic Product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and Foreign Direct Investment (FDI) financed construction activity. Continued weakness in private consumption and