IMF Staff Country Reports

St. Vincent and the Grenadines: 2024 Article IV Consultation-Press Release and Staff Report

July 22, 2024

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International Monetary Fund. Western Hemisphere Dept. "St. Vincent and the Grenadines: 2024 Article IV Consultation-Press Release and Staff Report", IMF Staff Country Reports 2024, 239 (2024), accessed November 23, 2024, https://doi.org/10.5089/9798400283734.002

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Summary

The 2024 Article IV Consultation with St. Vincent and the Grenadines discusses that the economy rebounded strongly in 2022–23 from the pandemic and 2021 volcanic eruptions, returning to pre-pandemic output levels. Growth is projected at 4.9 percent in 2024, supported by continued growth in tourism and strong investment on infrastructure, particularly the port project. Inflation is projected to ease to 2.5 percent by end-2024, on account of lower imported inflation. Fiscal policy should focus on building buffers and supporting resilience and inclusive growth while safeguarding public debt sustainability. Sustained efforts with structural reforms are imperative to build climate resilience and address structural bottlenecks to investment, employment, and productivity. The ongoing investments in key infrastructure such as ports, roads, airports, and water supply, along with efforts with digitalization and improving investment climate, are crucial for alleviating supply-side bottlenecks and enhancing competitiveness. The financial system remains sound, but efforts should continue to reduce balance sheet vulnerabilities and strengthen regulatory and supervisory frameworks. Capital and liquidity buffers are ample, with no apparent impacts of the compounded shocks on asset quality.

Subject: Environment, External debt, Natural disasters, Public debt, Revenue administration

Keywords: Caribbean, Customs control, Financing needs, Global, Hurricane reconstruction effort, IMF's article, Natural disasters, Safeguards policy, Staff appraisal, World Bank team

Publication Details

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