IMF: St Kitts recovering from four-year recession
The International Monetary Fund (IMF) says St Kitts and Nevis is recovering from a four-year economic recession.
Following its latest review under the country’s stand-by arrangement, the IMF said real Gross Domestic Product is estimated to have grown by 1.7 per cent, based on a modest recovery in tourism, and a strong pickup in construction.
It further said inflation has declined following the introduction of value-added tax at the end-2010 and the hike in electricity tariffs in early 2011.
The IMF recommended greater restraint in future wage increases and public sector hiring and proceeding with civil service reform.
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