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IMF says economic growth in Caribbean countries slowing down

Published:Wednesday | October 8, 2014 | 10:16 PM

The International Monetary Fund (IMF) says economic growth in Latin America and the Caribbean slowed in the early parts of this year.



The IMF says growth in the region is expected to average 1.3 per cent for 2014, the lowest rate since 2009.



In its Economic Outlook for 2014 released yesterday, the Fund noted that external conditions played a role in the slower growth, as exports fell short of expectations in early 2014, and terms of trade deteriorated for some countries.



It says in the Caribbean, long-standing competitiveness problems, high public debt, and significant financial fragilities will result in low growth in much of the region.



The Fund adds that supply bottlenecks and policy uncertainty in some countries held back business confidence and investment.



The Fund has predicted that regional growth will improve by 2.2 per cent next year.



That projection is 0.7 percentage points weaker than previously projected.



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