The IMF World Economic Outlook (WEO) report on the Caribbean shows a favourable economic forecast for St Vincent and the Grenadines for 2023 and 2024.
The Government says it notes with interest that the economic growth projections show 6.2 per cent in 2023 and 5 per cent for 2024.
In 2023, SVG is projected to outperform the rest of the OECS which averages 4.7 per cent, 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 per cent, while St Vincent, at 5 per cent, 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 per cent from 5.7 per cent in 2022, and further down to 2.4 in 2024.
This puts SVG on par with the ECCU average of 4.2 and 2.4 per cent respectively and well below the Caribbean region’s averages of 13.2 and 6.5 per cent 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.