00IMF WEO SHOWS POSITIVE GROWTH PROJECTIONS FOR SVG
The IMF World Economic Outlook (WEO) report on the Caribbean has just been published and shows a favorable economic forecast for St. Vincent and the Grenadines for 2023 and 2024.
The economic growth projections show 6.2 percent in 2023 and 5 percent for 2024. In 2023, SVG is projected to out-perform the rest of the OECS which averages 4.7 percent, and only the oil-based economy of Guyana shows a better projection in the wider Caribbean region.
In 2024 the Eastern Caribbean Currency Union (ECCU) is expected to grow at an average of 4 percent, while St. Vincent, at 5 percent, has a better than average growth projection.
Inflation figures also show positive projections for SVG according to the WEO. For 2023 this country’s inflation is expected to drop to 4.4 percent from 5.7 percent in 2022, and further down to 2.4 in 2024.
This puts us on par with the ECCU average of 4.2 and 2.4 percent respectively and well below the Caribbean region’s averages of 13.2 and 6.5 percent for 2023 and 2024.
These projections come on the heels of continuous growth in various sectors across St. Vincent and the Grenadines and targeted strategic interventions by the government to tackle inflation.
