Caribbean economies expected to grow in 2020, says IMF
The International Monetary
Fund (IMF) on Wednesday said economic prospects are improving for the Caribbean
but with substantial variation across countries.
The Director of the IMF’s
Western Hemisphere Department, Alejandro Werner, told a news conference that
growth in tourism-dependent economies is expected to strengthen in 2020.
“With commodity prices
remaining broadly stable, commodity exporters are expected to see modest
recovery in growth, while large oil discoveries and the start of their
production in 2020 is expected to boost growth in Guyana.”
Speaking on the theme ‘Outlook
for Latin America and the Caribbean: New Challenges to Growth’, he said that
the region’s exposure to climate risks continues to require strong policies.
“Potential growth
continues to be impeded by lingering structural problems, including high public
debt, weaker financial systems, high unemployment, and vulnerability to
commodity and climate-related shocks.
“Some countries have
started to strengthen their fiscal positions, but further tightening is needed
in others to ensure debt sustainability,” Werner said.