“Growth is projected at 4.5 percent in 2023, supported by a strong recovery in tourism and other service sectors”, for St. Kitts & Nevis’ economy, says the International Monetary Fund (IMF), in their 2023 Article IV Consultation Report.
IMF is reporting that the hard-hit St. Kitts and Nevis economy from the COVID-19 pandemic is recovering and that the cost of living crisis is improving. However, the report pointed out that although “the outlook is positive, risks are somewhat tilted to the downside”.
The assessment comes following an IMF Mission, led by Mr. Alexandre Chailloux, who visited St. Kitts and Nevis during January 16th – 27th, 2023.
It also surrounded discussions on economic developments and macroeconomic policies. Mr. Chailloux said “St. Kitts and Nevis is recovering from the COVID-19 pandemic and cost of living crisis. The large fiscal buffers accumulated over a decade of prudent fiscal policy have supported the authorities’ forceful policy response to protect the livelihood of the population.”
He added: “the outlook is positive but subject to downside risks in the short term, primarily stemming from global headwinds impacting key tourism source markets and commodity price volatility.”
