The executive board of the International Monetary Fund says the Eastern Caribbean Currency Union has experienced a strong recovery from successive pandemics and commodity price shocks, but capacity constraints and elevated risks increasingly weigh on the outlook.
In a statement following the Article IV consultation with member countries of the ECCU on common policies, the IMF board noted that the economies of the islands registered a strong recovery after successive external shocks, first the pandemic and later higher commodity prices after Russia's invasion of Ukraine.
Led by a rebound in tourism and investment by the public and private sectors, the region's real gross domestic product is estimated to have grown by 4.8 per cent in 2023, and output has surpassed its pre-pandemic levels.
The ECCU comprises the islands of Antigua & Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent & the Grenadines.
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