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IMF raises its growth forecast for Grenada, solid progress reported

Aug 28, 2015 10:02PM

ST. GEORGE'S, GRENADA, August 28, 2015 – GIS:    The Washington based International Monetary Fund (IMF) has raised its growth forecast for the Grenada economy on the strength of robust performances in key sectors.

 

IMF has issued a statement, at the end of the third review of the Structural Adjustment Programme, with a new projection of 3.1 percent growth in the Grenada economy in 2015.

This is significantly higher compared to the 1.7 percent projection made at the end of the second review.

 

The IMF is reporting that Real GDP expanding by 5.7 percent last year, driven by a rebound in key Agricultural Crops and strong demand for Tourism Services.

 

“For similar reasons we project growth of 3.1 percent in 2015 compared to 1.7 percent at the time of the second review in mid-2015”.

 

The IMF says the Keith Mitchell government is making “solid progress” in implementing its Home Grown Structural Adjustment Programme.

 

According to the IMF, the Grenada government has made steady gains in restoring fiscal sustainability and laying the groundwork for stronger growth.

 

 “Grenada is making solid progress implementing its Home Grown Economic Program, restoring fiscal sustainability, and laying the groundwork for stronger growth,” said the IMF statement.

The IMF statement says all the performance criteria for the end of June period have been met.

 

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