Grenada: 2023 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 261

Publication date: July 2023

ISBN: 9798400249945

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Policy effort , CPI basket , IIP datum , Policy advice , calculation system , IMF's transparency policy , policy priority , Credit bureaus , External sector statistics , Natural disasters , Global , Caribbean

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Summary

Grenada is simultaneously navigating the recovery from the pandemic and a rise in energy and food prices. Growth is estimated to have reached 6.4 percent in 2022, driven by a tourism rebound and private and public construction projects. Inflation rose from 1.9 percent at end-2021 to 2.9 percent by end-2022. The authorities’ policy response—facilitated by the build-up of fiscal buffers over the past decade—dampened the pass through from rising global food and fuel prices. Public debt is now back on a downward trend. The financial sector is well-capitalized and liquid although non-performing loans of credit unions have risen.