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IMF says Caribbean is beginning to improve
The International Monetary Fund (IMF) says the Caribbean is beginning to turn the corner after a long and deep recession.
In its latest Regional Economic Outlook, the Washington-based financial institution says weak external demand and high public debt levels have, for the last two years, held back economic activity in much of the region, which has also been adversely affected by natural disasters.
It says tourism is recovering gradually, with the Bahamas, Barbados, Dominican Republic, and Jamaica observing a faster and earlier pickup in tourist arrivals than the islands of the Eastern Caribbean Currency Union.
The IMF says the Caribbean economy, excluding the Dominican Republic and Haiti, is projected to expand by an average of about 2% in 2011, following a contraction of about 0.5% last year.
The International Monetary Fund (IMF) says the Caribbean is beginning to turn the corner after a long and deep recession.
In its latest Regional Economic Outlook, the Washington-based financial institution says weak external demand and high public debt levels have, for the last two years, held back economic activity in much of the region, which has also been adversely affected by natural disasters.
It says tourism is recovering gradually, with the Bahamas, Barbados, Dominican Republic, and Jamaica observing a faster and earlier pickup in tourist arrivals than the islands of the Eastern Caribbean Currency Union.
The IMF says the Caribbean economy, excluding the Dominican Republic and Haiti, is projected to expand by an average of about 2% in 2011, following a contraction of about 0.5% last year.