By LK Hewlett
BASSETERRE, St Kitts (WINN) -- Revenues earned from the sale of citizenship are supporting the economic recovery being experienced in the Eastern Caribbean countries.
According to the International Monetary Fund (IMF) country report on the Eastern Caribbean Currency Union (ECCU) published on Tuesday, the region’s economic recovery is gaining ground, supported not only by citizenship by investment (CBI) inflows, but also improved tourism arrivals, low oil prices, and improved government fiscal management.
The IMF says however that the region still faces many vulnerabilities that are hindering growth in the medium-term outlook, including a weak banking system, high debt, susceptibility to natural disasters, and competitiveness.
Despite a nearly 50% decline in economic growth from 6.2% in 2013 to 3.5% in 2016, St Kitts and Nevis is still leading the region in projected growth for 2017 at 3.5%.
St Vincent and the Grenadines has the second highest projected growth with 3.1%, followed by Dominica at 2.8%, Grenada at 2.7%, Anguilla at 2.6%, Antigua and Barbuda at 2.5%, St. Lucia at 1.9% and Montserrat at 1.7%.
The ECCU’s overall projected growth for 2016 is 2.1% and for 2017, 2.6%.
Republished with permission of West Indies News Network