Grenada: 2014 Article IV Consultation and Request for an Extended Credit Facility Arrangement-Staff Report; And Press Release ePub (Adobe DRM) download by International Monetary Fund. West Dept.

Grenada: 2014 Article IV Consultation and Request for an Extended Credit Facility Arrangement-Staff Report; And Press Release

INTERNATIONAL MONETARY FUND
Publication date: July 2014
ISBN: 9781498319454
Digital Book format: ePub (Adobe DRM)

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This 2014 Article IV Consultation highlights that Grenada’s economy continues to face significant headwinds after a decade of natural disasters and economic shocks coalesced into a deep economic crisis by 2011–2012. Economic activity declined by more than 8 percent of GDP from peak to trough (2008–2012) as tourism and construction collapsed. After almost four years of decline, real GDP grew by 1.5 percent in 2013. To address the fiscal crisis, the authorities have initiated fiscal adjustment as part of their 2014 budget, and have subsequently approved a large package of revenue measures needed for the targeted consolidation.
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