Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, January 28, 2011
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- Canonical URL
- Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: January 28, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213900.002
Summary and key finding
- Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity.
- The global financial and economic crisis exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries.
- Executive Directors concurred that the urgent challenge is fiscal consolidation.
- IMF staff assessed that the real effective exchange rate (REER) appears broadly in line with current fundamentals.
Economic performance and drivers
- Contraction: real regional GDP contracted by 6 percent in 2009.
- Principal proximate causes cited:
- Collapse in tourist arrivals.
- Collapse in FDI-financed construction activity.
Institutional and reform context
- Reforms have been implemented by a number of member countries, but significant weaknesses were exposed by the global crisis.
- Subjects covered: Banking, Commercial banks, Economic sectors, Expenditure, Financial institutions, Government debt management, Public debt, Public financial management (PFM), Public sector.
Policy focus and IMF assessment
- Urgent policy priority: fiscal consolidation (as noted by Executive Directors).
- Exchange rate assessment: IMF staff’s assessment that the REER appears broadly in line with current fundamentals.
Publication metadata (as reported on the page)
- Pages: 90
- Volume: 2011
- Issue: 030
- Series: Country Report No. 2011/030
- DOI: https://doi.org/10.5089/9781455213900.002
- Stock No: 1ECCEA2011001
- ISBN: 9781455213900
- ISSN: 1934-7685
- Publication date shown on page: January 28, 2011
Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion