Minister for Finance, Economic Development, Climate Resilience, and Social Security, Dr. Irving McIntyre announced that Dominica’s economy grew by an estimated 6.9 percent in 2021 and 5.7 percent in 2022.
He made the disclosure during a press briefing held recently.
The findings came from an Article 4 mission conducted by the International Monetary Fund (IMF) recently.
“Dominica’s economy grew by an estimated 6.9 percent in 2021 and 5.7 percent in 2022. The growth was driven mainly by the construction of climate resilient infrastructure, a substantial rise in agriculture outputs, and the rebound in tourism since the lifting of restrictions related to covid-19,” he said. “Secondly, government has been able to implement its Public Sector Investment Programme and respond to the recent economic shocks because of high CBI revenue.”
And according to the finance minister, the government’s debt is projected to decline slightly to 98.7 percent at the end of the calendar year 2023.
As the government had to acquire debt to respond to several shocks since Tropical Storm Erika in 2015, note that at the end of fiscal year 2016-2017 debt was at 69 percent of GDP.
He revealed that the target for 2035 by the Monetary Council of the ECCB is 60 percent by 2035.
Dr. McIntyre stated that the government is taking action to reduce its debt as a percentage of GDP by increasing its investments, “particularly in sustainable development enablers and initiatives in order to grow Dominica’s GDP.
“Secondly, limiting additional borrowing and thirdly through the recently approved and soon-to-be-established Debt Repayment Plan to accelerate repayment of debt. The fund has also recommended that government continues to implement measures to reduce recurrent expenditure and increase revenues,” he stated.” Some recommendations were made by the fund, however, these were merely suggestions and Cabinet will have to decide upon a plan of action.”
He said Dominica’s economic outlook is positive and the government is mindful of global issues and the threat that natural disasters pose to Dominica.
Meanwhile, Dr. McIntyre said the government was commended for its investments and special initiatives to facilitate the growth of micro, small, and medium enterprises (MSMEs).
“Overall the economic outlook for Dominica is positive; although we need to remain mindful of the volatile global environment as well as possible impacts of future natural disasters,” he noted.
Dr. McIntyre went on to state that the IMF advised the continued implementation of growth projects such as the International Airport and the Geothermal Development Project, while we work to continue to improve the government’s fiscal position and support the vulnerable.
“By and large, we are satisfied and in broad agreement with the assessment of the IMF. Our next step is to review the specific recommendations within the context of our own plans, most of these will focus on enhancing growth opportunities and measures to improve fiscal and debt sustainability,” he revealed.
Batibou
May 2, 2023
“The trick is if the country hasn’t experienced any real growth for years it is potentially very easy to grow by this astronomical figure. You see 6.9% or 5.7% of nothing remains very close to nothing in real terms. These guys trying to fool the average voter in DA on a daily basis. Trouble is, most do swallow it… and keep on doing so.”
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In-spite the fact I like the comment; in responding I humorously said something to the effect that comment came out of the small village of Batibou, and commented I don’t know if the village still exists.
Let me say the one and only time I visited that village I was a youthful kid! Nevertheless, after I wrote my comments in appreciation to the persons submission, I did a profile to see if the village is real and existing: The result is the village is live and well and a bit more developed than when I ventured into it.
Continue:
That; however, is not all about it: I do not know how many beaches are there in or around Batibou village; but one must admit that if it’s only one, it seems not to be located on the Windward side of the village.
Hence it seem calm and sleepy, the sort of heaven for tourist, the sort of thing that could pull the tourist into a hotel built next to such a beach.
We keep talking about Dominica’s potential and tourism, but I don’t think that the more appropriate places are utilized for the building of hotels.
For-Instance, there is a beach at Homestead; to get to it, one has to travel across Douglas land, the Douglas’s cannot afford to build a class hotel near the beach so they rip people off by charging foreign and local people money to drive to the beach.
Such are the lands that should become imminent domain and used for the building of hotels, not with money given to people by Roosevelt Skerrit! A hotel built in the bush old people appreciate, young tourist wants beaches!
You are completely confused!
Irvin, Irvin, Irvin garson stop being a puppet and servant of the devil himself. My friend I still can’t believe whom you have become. Why my friend? You don’t need the devils riches because you are gifted in your area of expertise. Bro jah don’t like ugly so STOP that hypocritical and conniving behavior before he strikes you down.
Here is the bottom line … that government is stone broke!! Just ask all the people and business that the government owes and cannot pay them.
Positive economic outlook my arse! Gouvelmah sa la pa ni l’argent!!
Dr McIntyre is already in Hell and he doesn’t even know that. My friend to reject your gift of healing the sick, a gift given to you by God just to help crooked, evil and very corrupt Skerrit get more evil and more corrupt is something you must pay for my brother. No amount of money that crookid and evil Skerrit can pay you will be able to save you from God’s wrath that will soon come upon you
Very well spoken… They just can’t resist the call of the CMs money.
The findings came from an Article 4 mission conducted by the International Monetary Fund (IMF) recently.
So the utterances above is from assessment and recommendations by the IMF?
Why would IMF be making an assessment and report that the government itself had not made to the people? Why is this assessment not coming from the ministry of finance and the financial secretary’s office which is what they suppose to be doing? If this government would stop campaigning and start governing they would not have to wait for recommendations from the IMF. I don’t expect anything honest coming from this government. Why is this growth not reflected in the pay checks of Civil servants and what is the agricultural output and tourism figures on years end documented by the relevant government office? This piece reflects the I secure personality of leadership always looking for some outside reassurance for BS. Show us statistics division annual reports.
Yes good doctor, the promise is that we will all go to heaven but unfortunately we have to die first. Meanwhile can we have some of that growth money diverted to Dominica please, so we can eat, clothe and pay Domlec before we present ourselves to St. Peter for judgement. Thank you.
So here we go: among the G20 countries Saudi Arabia recorded the highest annual economic growth in 2022 – 8.7%, followed by India 6.6%, Turkiye 5.6%, and Indonesia 5.3%, Japan recorded the lowest growth of 1.0%.
And that relates to the G20 GDP Growth Fourth Quarter of 2022, OECD.
Now the US GDP increased 2.1% in 2022 after increasing 5.9% – 2021, so based on all of the above, I am bewildered that Dominica a place with absolutely no industries, where the economy is based on the sale of the national passports, with a population of about thirty-thousand people could grow more than that of some highly developed nation: ” Dominica’s economy grew 6.9 percent in 2021 and 5.7 percent in 2022.” because one presents themselves as an idiot, does not mean the rest of us Dominican born are all idiots.
I know in Dominica, people like obeah (voodoo) but in this case it appears we are dealing with obeah (voodoo economics.
They are so set in their ignorant ways they think nonsense and spew it.
It would appear that some people have forgotten that from the late 2019, to late 2022, the entire world was shut down, due COVID-19, tourism travel, trading of merchandise to a halt.
Nevertheless; the country to be first is everything seems to have conducted business without any interruption.
Liars have no shame, hence wheresoever, a liar is found a thief is not fat behind!
The poorest nation in the Western Hemisphere, if not in the entire universe economy grows faster in one year than the economic powers of the world such as England, France Germany, Canada, and the United of America.
Who these people believe they are fooling apart from themselves, lying believing their own lies!
It a shame that these people do not know when they are embarrassing themselves!
I said it in the past and I iterate, Dominica is doomed, there is n place to go except spiral down to the bottom!
The triple doctor Punjab has failed, so he got a quack to play finance minister, but he is worst!
“Liars have no shame, hence wheresoever, a liar is found a thief is not fat behind!”
That should read “Liars have no shame, hence wheresoever, a liar is found a thief is not far behind!”
Liars and thieves always associate with each other: McIntyre does not even know, or comprehend how stupid, and baseless his comments are> Call yourself doctor?
Boy take you crap and pack it!
You never want to hear any good news And for you and Ibo France, good news is bad news and bad news is good news. I do not think both of you have a grain of how the Government’s fiscal and monetary policies work. You both claim to know everything and don’t know anything.
Fransisco, smaller economies generally see greater % swings in the GDP growth than more developed/mature economies. When you start from a low number, it does not take much to give you a huge % boost. For example, if you are earning $15/hr. and you left your job for one that pays $20/hr., that represents a 33% pay raise. On the other hand, if you are making $50/hr. that same $5/hr. increase represents only a 10% increase.
I understand that theory; however, to relate that to Dominica’s economy in theory I have difficulties accepting that.
The puzzling thing about it is that he is quoting growth which took place when the entire universe was on lock down.
Here is why I cannot accept this guy obeah economics; because economic growth is an increase in the production of economic goods and services in one period of time compared with a previous period.
It can be measured in nominal or real adjusted to remove inflation terms.
Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.
My friend I am puzzled at Dominica’s economic growth according to McIntyre’s theory.
Thank you Zandoli for giving Francisco a very basic lesson in economics. You would think that with the way Francisco boast about his knowledge about every thing, he would have a grasp of basic economics. hope he learns something from you.
Well, anybody who is completely educated in everything must be a fool, and certainly I am not a fool!
At least Zandolie theory is simple, but my knowledge of how the system works statistically is more complex than what he conveyed.
While you talk about me: If you are statistically inclined, if you are into mathematical statistics it would be interesting to see you write your theory to contrast what I wrote in an effort to contradict or totally condemned what I wrote; a method that is standard procedure.
Do you mind showing me something different to what I conveyed?
Be like Zandolie, what he did is not a criticism, he simply produced a simple solution; so if you are critiquing me, produce a solution, or resolve I do not know!
You see I did not insult you?
Hahahahahahahahahahahah!
“if you are into mathematical statistics”
And perhaps I should add; if you are an economist, I would much appreciate it if only you could present your hypothesis on the subject which could lead to a different theory than whats already existing.
If the eye of the Eagle, has a new theory; I am open for learning seining that I did not major in economics; I may have to consult with Thomson Fountain to educate me since he is the only qualify Dominican I know taught economics in a university in the United States!
The trick is if the country hasn’t experienced any real growth for years it is potentially very easy to grow by this astronomical figure. You see 6.9% or 5.7% of nothing remains very close to nothing in real terms. These guys trying to fool the average voter in DA on a daily basis. Trouble is, most do swallow it… and keep on doing so.
Eagle Eyes; I hope you read this oui!
Hahahahahahahahahahahahahahahahahahahah
Me, me, momma (mama) belly ar hat me oui!
I suppose that comes out of a small village in Dominica called Batibou; hope I’m correct, eh, cause land marks has disappeared in Dominica over the years, villages too.
Money positive is a new terminology which I don’t understand. But I’m used to the games played by these Demons. Satan lied to Eve in the garden with smooth enticing words. Here we continually witness the willfully deceitful behavior of those who emulate their father Satan. He is called “The father of lies.” So, The Red Apple didn’t fall far from the Tree. This doctor forgot all about his medical practice to join a corrupt gang.
Dr. McIntyre said “the government is taking action to reduce its debt as a percentage of GDP by increasing its investments,”
This sounds good on paper, but my question is, how does the government plan to fund the new investments? By selling more passports? The goals are laudable: reduce debt, increase investments, grow the economy. On paper, the math points to lower Debt to GDP ratios going forward. But unless they can find a course of revenue to drive that growth, I don’t see how they can do all these things without borrowing that money. So unless, the rate of growth outpaces the rate at which the debt is rising, I don’t see how that are going to accomplish all these things.
I am not against borrowing money to drive growth. I have borrowed money to invest because the math dictated it was a no-brainer. What I don’t like is gov’t people throwing numbers around that don’t add up.
Zandoli, I hate to do this, but McIntyre is nothing more than a bit of scum of the earth, like all the rest, Roosevelt Skerrit: one and all!
His father if he was still alive wold probably disassociate himself from him, he might not recognized him as a son.
You know there are plenty people who like to be called doctor, but even when they have a degree in medicine, or animal husbandry ( which is the care of cultivating, and breeding of crops and animals) when they fail in their profession, their alternative is to jump into politics to get a pay cheque.
Then in his case he is worthless, hence he believe by simply talking crap that will resolve Dominica economic woes!
“Irving McIntyre announced that Dominica’s economy grew by an estimated 6.9 percent in 2021 and 5.7 percent in 2022.”
He must be crazy, in the two years this clown is talking about the entire world was on shut down, due to COVID-19, only Dominica economy was growing then.
He’s just another Dominica blood sucker.
He said Dominica’s economic outlook is positive and the government is mindful of global issues and the threat that natural disasters pose to Dominica. I would love to hear from him how he sees the economic outlook positive. Give us some figures, man! On what do you base your optimism? The same BS every day. Empty words, nothing but empty words.
He has more money in his pocket everyday while more and more Dominicans can’t afford to pay for their basic needs. Never mind that some children go to school without food. His pocket is getting fatter. That is the positive ecumenic outlook.
Read the article, Barona. You do not have to read far before you get the information; that is if you seriously care about the data. Read! Do not be lazy. Resist the orgasmic reaction to just say something, à la Dominican. Read. Tonneh!!
The problem is you are reading the data but do not understand it, the growth on paper in Dominica is fueled by bricks and mortar projects that are carried out by foreign Companies, so the money don’t stick around in Dominica plus it’s easier and more discrete to get your kick backs from foreign Companies with off shore banking. That is the reason you have all these empty medical centers and free Apartments and the people are not doing too good.
Ok ……..so our economy grew by 5.6% in 2022 to this??????
What we looking at now is an economy that grew last year to this??????
You actually beating up your chest for that?
We must have been under de bucket …….now we trying to come out?
When you refer to climate resilience infrastructure…….are you referring to apartment building and HRP housing programs…..and de building on corkstreet? Construction of an international Airport?
Are you referring to the road project in kalinago and Castle Bruce?
De tourism dollar wasn’t mentioned like it wasn’t much of a factor of recognizable upward change of influence on de economy……..unlike NEP program drawdown of funds per month.
I am convinced that there are fools walking around with money in their pockets