St.George’s Grenada,(Real FM) ,There is strong outlook of growth for Grenada’s Economy in 2019 .The predicted expansion for the Caribbean island’s Economy was made by the International Monetary Fund ( IMF) Team Leader, Bogdan Lissovolik who was at the time engaging the Media here on Wednesday 8th May.
The undertaking is an element of the IMF’s Article IV Consultations; and is part of their usual surveillance done with member countries to assess economic health and forestall future financial problems.
The head of the Mission, unveiled findings in relation to Grenada’s recent economic developments and short-term economic prospects. Gradual growth of the Gross Domestic Product ( GDP) is expected to expand to around 3.5% for the year .
Although the island’s unemployment figures have declined, the senior IMF economist expressed worry over the current figures.
While external deficit of 11%, lower than 2018 and previous years, the mission praised the countries Citizenship by Investment Program, and construction projects, which fuelled the growth.
Recommendation however, from the Washington based financial institution, is for the Small Island Developing State, to off scale public spending ,channel spending pressures and accelerate reform to generate sustainable employment.
Despite of Predictions of growth, the economist expressed his worry over the unemployment figures.
Grenada made important strides under the 2014-17 Extended Credit Facility-supported program, achieving debt reduction by 37 percent of GDP since 2013; This allowed the island to upgrading the framework for fiscal policy, strengthen the financial system, improve governance, and create a better business environment.
Contributor:Mina Booker
