Western Hemisphere > Antigua and Barbuda

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International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation discusses that Antigua and Barbuda’s economy continues to bounce back from the sharp contraction experienced during the coronavirus disease 2019 pandemic. Real activity is expected to return to prepandemic levels this year, with growth projected at 5.7 percent, driven by a rebound in tourism and construction activity. The strong recovery from the pandemic provides a window of opportunity to decisively address Antigua and Barbuda’s fiscal and external imbalances, build buffers, and invest in resilience. Higher revenues and expenditure restraint should reduce the public debt and fiscal financing needs further. The social safety net should provide more targeted support to the vulnerable. Stronger fiscal institutions are needed to enhance the credibility of fiscal plans. There is scope to improve the oversight and regulation of credit unions.
Mr. Yibin Mu, Sinem Kiliç Çelik, and Archit Singhal
Tourism is an important driver of Dominica’s economy. The damage of the pandemic on Dominica’s tourism sector was severer than in most regional peers, and the recovery has also been much slower, mostly due to the timing of lockdown restrictions. This paper reviews the tourism sector landscape in Dominica, assesses its recent performance relative to peers, and analyzes the main determinants and constraints for tourism development. Our econometric analysis shows that flight connectivity and demand variables play the most significant role in explaining tourism developments, while natural disasters can have negative lasting significant impacts. This calls for improving infrastructure and enhancing resilience.