IMF projections for A&B too conservative-PM Browne

The International Monetary Fund projected 5.5% growth for Antigua and Barbuda this year is far too conservative says Finance Minister Gaston Browne.

According to its latest outlook., the IMF says Antigua and Barbuda is projected to grow by 5.5 percent this year; the third highest level in Latin America and the Caribbean

But Browne told State TV that the prospects for growth are more in line with projections from the Eastern Caribbean Central Bank and other agencies

He said the forecast is far too cautious, saying that he is not even surprised.

“The IMF has always been very conservative with their projections. They always seem lower than the projections of the government of Antigua and Barbuda, and those of the ECCB and even ECLAC so we are not surprised”, Browne said

“What is notable is that they are projecting more than 5% growth, which is almost three times the global average so from that standpoint we can see that even based on the IMF projections we are outperforming the global and hemispheric and regional averages”

He said notwithstanding the projected growth, Antigua and Barbuda’s economy continued to surpass those of other Caribbean territories.

Based on other forecasts, the Antiguan and Barbudan economy will grow by much more.

The ECCB for instance projected 9.9 percent growth for Antigua and Barbuda.

The IMF said Guyana, the oil-rich country is expected to record the highest growth among Caribbean Community (CARICOM) countries. The report said that Haiti will record under one percent growth in 2023.

Guyana’s economy will grow 37.2 percent this year according to the IMF, increasing to 45.3 percent next year, it said.

The predicted economic growth for St Vincent and the Grenadines is six percent this year.

Barbados and Dominica will grow by 4.9 percent according to the IMF but is expected to drop to 4.7 and 3.9 percent in 2024.

The CIP booming St Kitts-Nevis economy is predicted to grow by 4.5 percent this year and drop to 3.8 percent the following year.

Other countries like Belize, Grenada, St Lucia, and Trinidad and Tobago will all register a growth according to the IMF but only about 3%.