In order for Antigua and Barbuda to realise any improvements in its economic recovery, it would need to rely heavily on domestic drivers of growth, like consumption and investments.
That’s the advice offered by the International Monetary Fund (IMF) whose latest Regional Economic Outlook for the Western Hemisphere said Antigua and Barbuda will see a decline in economic growth –from 7 percent in 2018 to 4 percent in 2019.
The significant drop, according to the analysis from the Washington-based financial institution comes as a result of high levels of inequality and lack of economic opportunity.
The low growth, according to the IMF, also comes amid continued trade tensions, slower global growth, subdued commodity prices and, in some large regional economies, high policy uncertainty.
The IMF said, however, the key is for governments to continue to strive for stronger growth that is more inclusive and strengthen well-targeted spending and social programmes to protect the most vulnerable groups.
At the same time, it said, many governments in the region have to deal with high levels of public debt.
But the Chief of Staff in the Office of the Prime Minister, Lionel “Max Hurst” told OBSERVER media that the IMF’s latest report is misleading and fictitious.