Sun | Oct 21, 2018

IMF says economic prospects improving for region

Published:Friday | January 26, 2018 | 11:29 AM

The International Monetary Fund (IMF) says economic prospects for the region are generally improving and modest growth is expected in 2018 and 2019.

The IMF yesterday released its Regional Economic Outlook Update for Latin America and the Caribbean in which it said the positive outlook is supported by growth in the United States following the recent US tax reform.

However, the international lending agency noted that some of the islands that were hit hard during the 2017 hurricane season face a protracted recovery.

One such country is Dominica.

The IMF also noted that overall, recent trends in the world economy and financial markets are good news for the Caribbean and Latin America.

The report said consumption and exports were the main growth drivers last year and the recovery is broad based across the region.

However, it was also stated that some risks could hurt the region’s recovery, including upcoming elections in some countries 

The lending institution said countries that need to lower  fiscal deficits should give attention to the fine balance between preserving inclusive growth and stabilising high public debt, which has been rising.