Dominica: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
IMF Staff Country Reports, February 14, 2022
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- Dominica: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica
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Bibliographic details
- Published: February 14, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400202506.002
Macroeconomic impact of COVID-19
- Estimated decline in GDP of 11 percent in 2020.
- Decline underpinned by a sharp reduction in tourism receipts that affected connected sectors.
- Output decline also driven by lockdown measures to limit virus contagion.
- The output decline was contained by:
- health spending,
- social transfers,
- public investment resilient to natural disasters which increased significantly.
Public finances and debt
- Public debt increased to 106 percent of GDP.
- Increase in public debt occurred despite record-high Citizenship-by-Investment (CBI) revenue.
Financial sector and vulnerabilities
- The financial sector remained stable and liquid.
- Significant vulnerabilities persist in the under-capitalized non-bank sector.
Source: Dominica: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica, February 14, 2022.
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