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IMF: St Kitts and Nevis Economy to Recover in 2013 After Contraction in 2012

By: Caribbean Journal Staff - May 16, 2013 - 12:49 pm

Above: Basseterre (CJ Photo)

By the Caribbean Journal staff

While St Kitts and Nevis’ economy contracted by 1.3 percent in 2012, the country is projected to see a recovery in 2013 with 2 percent growth, according to the International Monetary Fund.

Last year’s contraction reflected “sluggish construction and tourism sectors,” according to the IMF, which recently completed its fifth and sixth reviews of the country’s programme under its Stand-By Arrangement.

This year’s projected recovery will be buoyed by an expected uptick in tourism and “several large construction projects becoming operational.”

The IMF’s Executive Board will discuss a draft memorandum of policies for 2013 in July.

The IMF mission held talks with St Kitts and Nevis Prime Minister Dr Denzil Douglas, Nevis Premier Vance Amory and other officials.

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