{
  "title": "Dominica: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominica",
  "publication": "IMF Staff Country Reports, June 27, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/06/27/dominica-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-551143",
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  "summary": "The 2024 Article IV Consultation discusses that the Dominican economy has recovered strongly following the pandemic shock. Real gross domestic product grew by 5.6 percent in 2022 and an estimated 4.7 percent in 2023 returning to pre-pandemic output levels.",
  "sections": [
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- Real gross domestic product grew by 5.6 percent in 2022 and an estimated 4.7 percent in 2023, returning to pre-pandemic output levels.\n- The ongoing economic expansion provides an opportunity to rebuild essential buffers and reorient policies toward increasing prospects for more sustained and resilient growth.\n- Inflation has subsided from its 2022 peak.\n- External imbalances have deteriorated modestly.\n- The outlook is subject to downside risks, especially from climate change, volatile tourism receipts, commodity prices, and CBI revenues."
    },
    {
      "heading": "Fiscal position and public finances",
      "content": "- Policy responses have eroded essential fiscal buffers, despite large Citizenship by Investment (CBI) revenues, which have supported reconstruction, infrastructure development, and climate adaptation.\n- Tight fiscal space constrains development initiatives.\n- Policy priorities include addressing fiscal and external imbalances while enhancing the basis for sustained and resilient growth."
    },
    {
      "heading": "Balance sheet and financial sector",
      "content": "- Banks remain well capitalized and liquid.\n- Credit unions suffer from persistent weak capital and asset quality."
    },
    {
      "heading": "Structural constraints and growth drivers",
      "content": "- Recovery reflects a rebound in tourism and public investment, supported by buoyant CBI revenues.\n- Longstanding impediments to private investment and employment weigh on growth and productivity.\n- Strengthening the investment climate and employment prospects is essential to support more durable growth."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Rebuild essential fiscal buffers accumulated before and during the recovery.\n- Reorient fiscal and macroeconomic policies to promote sustained, resilient growth.\n- Address external imbalances to reduce vulnerability to external shocks.\n- Strengthen financial sector resilience, with particular attention to credit unions’ capital and asset quality.\n- Improve conditions for private investment and employment to raise productivity.\n\n---\n\n Content in this bundle\n\n- 1dmaea2024001 Print Pdf\n  - 1dmaea2024001 Print Pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1dmaea2024001 Print Pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 27, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400281334.002",
    "Real gross domestic product grew by 5.6 percent in 2022 and an estimated 4.7 percent in 2023, returning to pre-pandemic output levels.",
    "The ongoing economic expansion provides an opportunity to rebuild essential buffers and reorient policies toward increasing prospects for more sustained and resilient growth.",
    "Inflation has subsided from its 2022 peak.",
    "External imbalances have deteriorated modestly.",
    "The outlook is subject to downside risks, especially from climate change, volatile tourism receipts, commodity prices, and CBI revenues.",
    "Policy responses have eroded essential fiscal buffers, despite large Citizenship by Investment (CBI) revenues, which have supported reconstruction, infrastructure development, and climate adaptation.",
    "Tight fiscal space constrains development initiatives.",
    "Policy priorities include addressing fiscal and external imbalances while enhancing the basis for sustained and resilient growth.",
    "Banks remain well capitalized and liquid.",
    "Recovery reflects a rebound in tourism and public investment, supported by buoyant CBI revenues.",
    "Longstanding impediments to private investment and employment weigh on growth and productivity.",
    "Strengthening the investment climate and employment prospects is essential to support more durable growth.",
    "Rebuild essential fiscal buffers accumulated before and during the recovery.",
    "Reorient fiscal and macroeconomic policies to promote sustained, resilient growth.",
    "Address external imbalances to reduce vulnerability to external shocks.",
    "Strengthen financial sector resilience, with particular attention to credit unions’ capital and asset quality.",
    "Improve conditions for private investment and employment to raise productivity.",
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