International Monetary Fund (IMF) commended Antigua and Barbuda’s robust economic performance, forecasting a solid growth rate of 5.7 percent for the year 2023. The twin-island nation’s economy has demonstrated resilience, primarily fueled by the strength in tourism and construction sectors.
Tourism, a cornerstone of Antigua and Barbuda’s economy, played a pivotal role in driving growth, with both sectors experiencing notable strength. The report indicates that real economic activity is on track to return to pre-pandemic levels during 2023, signaling a significant milestone in the nation’s recovery from the economic challenges posed by the global health crisis.
After a notable peak of 9.2 percent at the end of 2022, inflation exhibited a positive trend, falling to 6.6 percent by August of the following year. Core inflation has shown a steady decline, reflecting a favorable economic environment and effective policy measures.
The current account deficit, which widened to an estimated 16.2 percent of GDP in 2022, is expected to contract to around 12 percent of GDP in 2023. While higher tourism receipts partially offset by increased goods imports and a decline in the terms of trade contributed to the deficit, the projected reduction signals positive adjustments in the external balance.
Antigua and Barbuda experienced a rebound in nominal GDP, leading to a decrease in public debt from 95 percent of GDP at the end of 2021 to 87 percent at the end of 2022. Despite this improvement, the nation faces challenges with high gross financing needs, and there has been limited progress in addressing arrears to both creditors and domestic suppliers.
The country’s financial sector remains stable, as highlighted by the report. However, there are concerns raised about the rapid growth in credit union lending, albeit from a low base. Analysts have expressed apprehensions about potential impacts on future credit quality, calling for careful monitoring and management of this aspect of the financial sector.
In summary, the IMF’s assessment paints a positive picture of Antigua and Barbuda’s economic trajectory, with strong growth, a decline in inflation, and improving external balances. However, it underscores the importance of addressing lingering challenges, particularly in managing public debt and ensuring the sustainability of credit union lending. As the nation looks towards a post-pandemic future, these insights provide valuable guidance for policymakers and stakeholders alike. The full report is available for free download, allowing a more in-depth exploration of the nuances of Antigua and Barbuda’s economic landscape.
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Lazy cunt
Whoever made that last comment should be careful as to bring this erstwhile Newspaper into disrepute and disrespect. Next thing it gets taken down by the powers that are. Yes my peoples we should be truthful and respectful and shouldn’t be using profanity. Besides it can get law abiding people into their feelings. The IMF is a resected organization throughout the world and it says that our country has performed extremely well my peoples. Once again, our PM is a world boss putting us on the world stage in terms of economic performance. Stay positive and believe my peoples!!!!!
god is my world boss not man
Gaston ONLY releases the IMF reports when they are favourable to the government.
Kindly release ALL the reports since you were elected in 2014.
Thanking you in advance but I won’t hold my breath.
Kind regards
Drowning
So why are Antiguans still suffering financially to date?
Didn’t Prime Minister Browne say recently, that the country is now an economic powerhouse?
Is it only his cronies who are benefitting?
The most DELUSIONAL leader since Lester Bird ran down this great country of ours.
IT WOULD APPEAR THAT U WORK AT ANR CAUSE UR POST IS AT 6AM, SO WHAT ARE U REFERENCING WHEN UP TO THEN THERE WERE NO PUBLISHED COMMENTS?
IF YOU DONT KNOW, All WORDS ARE NOW FOUND IN THE ONLINE DICTIONARY AND YOU SHOULD TAKE SOME TIME TO FIND THEIR MEANING ESP. SINCE YOUR LEADERS ARE REGULAR USERS OF MANY WORDS. YOU COULD HELP TO HELP THEM PRONUNCE THEM BETTER.
When there is a brilliant mind at the helm then our country can’t expect nothing less than progression.
Keep up the good works PM Browne, Anu & B’da becoming an Economic Powerhouse is surely in sight under your stewardship.
Thanks for excellent info. What trips can you recommend in 2024? Astro tourism, eco diving, home swapping, train stations are the new food destinations,sports tourism, coolcationing, gig tripping, private group travel?
Brilliant mind? LOL. Gaston Browne? That economic dunce? So are we in the dreaded IMF program? Does this explain the lovely reports?
His budget says 8.2%, IMF says 5.3. Why the discrepancy?
Something stinks to high heaven here. This word growth is scary. The country is dirty, decrepit, derelict and stink; people are suffering like hell, except the rich and the minions, and the IMF speaks of trajectory? I don’t know.
@watching you note the 9.2 percent the year before? Under upp 2009 and after the best we got was a 2 percent in 2012, all other years wee declines. Don’t worry about the 5 since in a few months they will upgrade their position to 8 riClearly we now have a real driver at the wheel.
@TENMAN
You are correct. We have a real driver at the wheel , Hon. Gaston Browne. Joan said last night on Observer that Pringle does NOT articulate properly and She would not vote for Him. BIG MESS in UPP camp. They are afraid to mention Bowen MP for St. Phillip’s South because of His past records. Shame on UPP.
@TENMAN.
Is it true that our ‘ Marvelous ‘ leader has gone back cap in hand to the derided IMF for a loan? I am only asking as I do not know and am asking you for confirmation. What puzzles me is that we have these annual growth figures and those who have been owed back payments, long suffering contractors, pensioners receiving late renumerations, the list goes on, still suffer from their dues not been met. You are drinking and eating from the trough of the well heeled so why should that bother you? Growth up this year and the next and the next and yet…….
Oversee- Not Gaston Browne. If we did not do it during covid, why now? Nobody love IMF more than UPP. Have to be one of those persons in denial who participated in what they call the people parliament. You may recall Walker saying they should be government.
@Tenman.
Thanks for the info on the IMF. You will nevertheless agree there are important concerns to be addressed which are ongoing and are a festering sore and a blot on the financial competence of government. This is nowhere good enough. Trotting out improving growth figures only add more fuel to the fire of frustration of those who have been waiting too long for the monies long overdue to them
This article refers to ‘a report’.
Where can this report be found so that I could have a read of the ‘whole report’?
@ AUDLEY DAVE JOSEPH ( BEEF )
Hi Beef how are you enjoying your new gig on ZDK ? I heard Sean Bird Will fire you soon. I have never seen a Radio Host jump from Radio station to station in my life. When will you give it up. Beef cannot work with anyone. You should join Knight and Joan on Observer Radio. That’s where you belong with your stupid ideas. Your listenership on ZDK is awful ( 50 persons at best )
Thanks for being one of the fifty (50) [laughing my ass off].
Remember to be early for the next show.
Hey Fern. YOU SEEM TO BE A LIAR. Why doesn’t that surprise me?
Having read your comment, I went and checked (4 days ago; 818 views).
How many times does 50 go into 818 (and that is not counting the ones who are hiding).
But that is not important to me anyway. The important thing is getting the information out in the public.
Thanks for tuning in and keep locking in (l.m.a.o.).
Somebody must be lying whey fe moom man gone?
De moon man
Hon.Gaston Browne best Prime Minister in the WORLD. THERE IS NO ONE on the opposition bench can match our esteemed Prime Minister. He is a man with the vision. Also, He is not deterred by the empty noise from the opposition. Antigua / Barbuda is on the move and will reach HIGHER HEIGHTS.
The opposition is in a mess. Their members want to fire Pringle but don’t have anyone to replace Him.
Listening to Joan and Knight last night. Joan threw Pringle under the bus. She said that Pringle never supported anything and whenever there is a function He always showed up very late. Joan would not vote for Pringle. Speaking to other members of UPP They observe the same thing.
St. George will replace Serpent with JOEL RAYNE. Joel is Intelligent , Well mannered and is a People Person. The Rayne Family from Potters have a LEGACY which need to be continued in St. George. Joel Rayne is the man for St.George.
@ Sharon Lycorish
You’re nothing but a selfish stupid ass airhead.
When profanity is used against the opposition you have nothing to say about it.
But when profanities are used against Browne and The Brownies (ABLP) in response to lies and propaganda as is characteristic of ABLP you become and express concerned about bringing this Antigua News Now into disrepute and disrespect.
As a Nation we are already in disrepute.
Ms Rodriques wrote about the lack of reputation in the Antigua media.
You Brownies are nothing but a bunch of deplorables.
@Tenman aka Tillman
Your are back and quick at the draw with your incomplete data as usual.
Where are the Kitchen Table Data?
Among them:
What is the poverty rate in Antigua and Barbuda?
GDP means little among those who can’t live from pay check to pay check.
GDP means little for those who are having financial difficulties putting food on the table.
Glowing GDP numbers are meaningless when all the benefits are going towards “Creative Enrichment”
Moving the masses out of poverty and hard life is what counts. That’s what the IMF policies are for measuring GDP
In Antigua and Barbuda; GDP is an indicator of at which $$$ and being pushed into the pockets of The politicians, the Attorneys, The Ecumenicals, The Import Sector, and the crumbs snatchers.
@Countryman Abroad, I try best not to converse with losers especially those who so shame, that they run abroad to hide. Contact me when your mindset gets fixed(you need a growth mindset, not a fixed one)
Stop trying to fool the public
The Rayne Family from Potters have a LEGACY which need to be continued in St. George, and Joel Rayne is the man for St.George.
What Legacy? Some legacies are to be forgotten.
And just because you are conman don’t make you a man of the people.
Despite this improvement, the nation faces challenges with high gross financing needs, and there has been limited progress in addressing arrears to both creditors and domestic suppliers.
Oh, what a glorious report.
Reading comprehension is challenging.
Well, I read the Report and it just highlights the failures of this ABLP Government. All the big talk about “positive economic performance” is just hype and hot air. The economy is barely back to pre-covid levels. We are back to where we were in 2019. In other words, economic growth from 2019 to 2023 is just about ZERO. Tourist arrivals have not even recovered to pre-covid levels. Still 97% of where we were in 2019. One of the biggest worries that the Report brings out is unemployment among the youth. More than 20% below 2019 levels. Any surprise that young people are taking to crime? does this incompetent government have any plan to create employment opportunities for young people? the Report also highlights the massive failure of the Government in bringing down the cost of electricity by transitioning to renewable energy. Total failure. No policy, no plan. Electricity costs can come down by 40% with a transition to renewable energy. We need a Government that can move our country forward, not back to where it was in 2019.
This report is garbage to the people who are owed monies by this government, pure garbage.
It’s like telling someone you owe them and you are going to pay them, but still find money to go to the casino to gamble.
Where is the principle man..this government lacks principle, and that’s what’s killing them.
This is a big middle finger to the people who are waiting for their pension, and those who are owed back pay, a big big middle finger.
Take the money and pay the people Gatson, clean up the place for Christmas sake.
Now can we get a look at the previous article 4 reports this inept administration have been hiding from the people.
After all, they have quietly implemented the IMF recommendations for increasing ABST ect.
And tenman spurts his infamous garbage. You seem to forget tenman, your boss’s so-called “budget” reaked of IMF suggestions. Never forget. IMF does not include what is actually happening outside of the numbers.
“Nobody loves IMF more than UPP.” Barbados is in an IMF program@ tenman and they’re ahead of Antigua in almost everything. You Laborites and Gastonites are so colour blind, everything seems to escape you other than the $hit the DAWG throws at you.
His whole budget was just a reflection of the dunce that controls our finances.
You, like the bogus finance minister, quote all kinds questionable numbers that never add up, and when challenged, you resort to mudslinging and name calling.
Sherfield Bowen, a trained accountant, made a mockery of your boss’s bogus budget.
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