IMF says GDP growth quickening

By the Caribbean Journal staff

Grenada’s economy is on the rise.

The country’s GDP growth forecast has been revised upward significantly by the IMF, following the organization’s latest visit to the country.

While Grenada had initially been projected to growth by 1.7 percent earlier this year, the island’s 2015 growth projection is now 3.1 percent.

That’s come from a variety of factors, both lower oil prices and stronger tourism receipts, according to the IMF.

“The fiscal performance is also positive, with the Government on track this year to deliver its first primary surplus in over a decade. Tax revenues have recovered to pre-crisis levels and expenditures are being kept under strict control,” said Nicole Laframboise, who led the mission to the country. “The Government has continued to repay its budget expenditure arrears and is expected to clear them fully by the end of this year.”