The International Monetary Fund says that the economic prospects for the Caribbean are improving — with moderate growth of 3.9 per cent expected for the region this year.
In a media conference this morning, the Director of the IMF’s Western Hemisphere Department, Alejandro Werner said tourism dependent Caribbean economies would be bolstered by higher than anticipated growth of the United States economy and the reduction of energy prices.
He singled out the economies of Jamaica and Grenada, which have successfully implemented IMF programmes, for praise, saying “in some countries, economic fundamentals are improving and I wish to underline the economies of Jamaica and Grenada. These are countries that have had programmes with us and have continued following these programmes and there we have seen a consolidation of the macro-economic situation as well as an increase in employment.”
Mr Werner added that the region continues to face several risks, including the withdrawal of correspondent banking relationships and a high degree of policy uncertainty in the United States.