IMF PROJECTS ST.KITTS-NEVIS AMONG THE 2 FASTEST GROWING CARIBBEAN ECONOMIES COMING OUT OF CURRENT COVID RECESSION

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The International Monetary Fund (IMF) data signals that St.Kitts-Nevis’ projected Growth Rate in 2021 to 2025 will be among the fastest and highest in the Caribbean region following the current COVID Induced recession that the region and the world is presently experiencing . The two leading econonies in terms of growth as predicted by the IMF for 2021 are Guyana and St.Kitts-Nevis

The data for the years 2021 and 2025 the growth expectation of some  Caricom countries are Guyana (8.1 percent) Barbados (7.4 per cent and 1.8 per cent), Belize (8 per cent and 2 per cent), Jamaica (3.6 per cent and 2.1 per cent), St. Kitts and Nevis (8 per cent and 2.7 per cent) and St. Lucia (7.2 per cent and 1.8 per cent) .

For the region of Latin America and the Caribbean as whole, the IMF projects an  expected to return to positive growth in 2021 with a real GDP projection of 3.6 per cent.

Concerning global growth, IMF economic councillor Gita Gopinath said: “We are projecting a somewhat less severe though still deep recession in 2020, relative to our June forecast.”

Gopinath indicated that the revision is driven by second quarter GDP outturns in large advanced economies, which were not as negative as the IMF had projected. The IMF’s October global growth outlook for 2020 stands at -4.4 per cent (-4.9 per cent in June) and 5.2 per cent in 2021