{"id":302363,"date":"2023-04-28T09:12:49","date_gmt":"2023-04-28T13:12:49","guid":{"rendered":"https:\/\/dominicanewsonline.com\/news\/?p=302363"},"modified":"2023-04-28T09:12:49","modified_gmt":"2023-04-28T13:12:49","slug":"dominicas-economic-outlook-positive-says-dr-mcintyre","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/dominicas-economic-outlook-positive-says-dr-mcintyre\/","title":{"rendered":"Dominica&#8217;s economic outlook &#8216;positive&#8217;, says Dr. McIntyre"},"content":{"rendered":"<div>\n<figure id=\"attachment_302364\" aria-describedby=\"caption-attachment-302364\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-302364 size-large\" src=\"https:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2023\/04\/Dr.-McIntyre-e1682687197972-642x646.jpg\" alt=\"\" width=\"640\" height=\"644\" \/><figcaption id=\"caption-attachment-302364\" class=\"wp-caption-text\">Dr. McIntyre<\/figcaption><\/figure>\n<p>Minister for Finance, Economic Development, Climate Resilience, and Social Security, Dr. Irving McIntyre announced that Dominica\u2019s economy grew by an estimated 6.9 percent in 2021 and 5.7 percent in 2022.<\/p>\n<p>He made the disclosure during a press briefing held recently.<\/p>\n<p>The findings came from an Article 4 mission conducted by the International Monetary Fund (IMF) recently.<\/p>\n<p>\u201cDominica\u2019s 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,\u201d he said. \u201cSecondly, government has been able to implement its Public Sector Investment Programme and respond to the recent economic shocks because of high CBI revenue.\u201d<\/p>\n<p>And according to the finance minister, the government&#8217;s debt is projected to decline slightly to 98.7 percent at the end of the calendar year 2023.<\/p>\n<p>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.<\/p>\n<p>He revealed that the target for 2035 by the Monetary Council of the ECCB is 60 percent by 2035.<\/p>\n<p>Dr. McIntyre stated that the government is taking action to reduce its debt as a percentage of GDP by increasing its investments, \u201cparticularly in sustainable development enablers and initiatives in order to grow Dominica\u2019s GDP.<\/p>\n<p>\u201cSecondly, 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,\u201d he stated.\u201d Some recommendations were made by the fund, however, these were merely suggestions and Cabinet will have to decide upon a plan of action.\u201d<\/p>\n<p>He said Dominica\u2019s economic outlook is positive and the government is mindful of global issues and the threat that natural disasters pose to Dominica.<\/p>\n<p>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).<\/p>\n<p>\u201cOverall 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,\u201d he noted.<\/p>\n<p>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&#8217;s fiscal position and support the vulnerable.<\/p>\n<p>\u201cBy 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,\u201d he revealed.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Minister for Finance, Economic Development, Climate Resilience, and Social Security, Dr. Irving McIntyre announced that Dominica\u2019s 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&#8230;.","protected":false},"author":13,"featured_media":302364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[36,286,77,235,9,12],"tags":[],"class_list":["post-302363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-development","category-governance","category-homepage","category-homepage-carousel","category-news","category-politics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dominica&#039;s economic outlook &#039;positive&#039;, says Dr. McIntyre - Dominica News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicanewsonline.com\/news\/homepage\/dominicas-economic-outlook-positive-says-dr-mcintyre\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dominica&#039;s economic outlook &#039;positive&#039;, says Dr. McIntyre - Dominica News Online\" \/>\n<meta property=\"og:description\" content=\"Minister for Finance, Economic Development, Climate Resilience, and Social Security, Dr. Irving McIntyre announced that Dominica\u2019s economy grew by an estimated 6.9 percent in 2021 and 5.7 percent in 2022. 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