Antigua and Barbuda: 2022 Article IV Consultation-Press Release and Staff Report
IMF Staff Country Reports, May 30, 2023
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- Antigua and Barbuda: 2022 Article IV Consultation-Press Release and Staff Report
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Bibliographic details
- Published: May 30, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400243240.002
Economic outlook and growth projections
- The economy is on a gradual recovery path after a sharp contraction in real output of 20 percent in 2020 due to the coronavirus disease 2019 pandemic.
- Real gross domestic product is projected to expand by 6 and 5 1/2 percent respectively in 2022 and 2023.
- Recovery drivers cited:
- strong tourist arrivals
- foreign direct investment in the hospitality sector
- public sector projects
Fiscal performance and risks
- Continued fiscal consolidation efforts and the growth recovery have helped improve the fiscal position.
- Outturns underperformed the targets envisaged in the government’s Medium-Term Fiscal Strategy.
- Gross financing needs and arrears to domestic and external creditors remain high.
Policy recommendations
- Strengthen the policy framework that underpins the Medium-Term Fiscal Strategy to institutionalize fiscal discipline.
- Mitigate effects of rising living costs by:
- replacing broad-based price controls and subsidies with targeted transfers
- strengthening the social safety net
Key statistics and identifiers (as reported)
- Contraction in real output in 2020: 20 percent
- Real GDP projected growth in 2022: 6
- Real GDP projected growth in 2023: 5 1/2 percent
Source: Antigua and Barbuda: 2022 Article IV Consultation-Press Release and Staff Report (May 30, 2023), IMF Staff Country Reports.
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