IMF Projects St. Kitts-Nevis Among Second Fastest Growing Caribbean Economies In 2021

Basseterre, St. Kitts, October 24th , 2020 (ZIZ News): The International Monetary Fund (IMF) data signals that St. Kitts-Nevis’ projected Growth Rate in 2021 to 2025 will be among the fastest and highest in the Caribbean region following the current COVID Induced recession that the region and the world is presently experiencing . The two leading economies in terms of growth as predicted by the IMF for 2021 are Guyana and St. Kitts-Nevis

Although, the projected decline in St. Kitts and Nevis’ economy for 2020 is listed among the lowest in the Caribbean, the organization’s World Economic Outlook, October 2020 publication titled: “A Long and Difficult Ascent” states that growth will increase by at least 8 percent for St. Kitts and Nevis.

The projected growth expectation for the years 2021 and 2025 for some CARICOM countries are Guyana (8.1 percent) Barbados (7.4 per cent and 1.8 per cent), Belize (8 per cent and 2 per cent), Jamaica (3.6 per cent and 2.1 per cent), St. Kitts and Nevis (8 per cent and 2.7 per cent) and St. Lucia (7.2 per cent and 1.8 per cent).

For the region of Latin America and the Caribbean, the IMF projects positive growth in 2021 with a real GDP projection of 3.6 per cent.

In its World Economic Outlook, the IMF said that it sees the global economy contracting 4.4% this year, up slightly higher from its June forecast for a contraction of 5.2%.

Although the IMF is more optimistic about global growth in 2021, it warned that recovery would be “long, uneven and uncertain.”

This was confirmed by IMF Economic Counsellor Gita Gopinath, who said, “We are projecting a somewhat less severe, though still deep recession in 2020, relative to our June forecast.”