Antigua to grow economically by 5.8% this year: IMF

Antigua and Barbuda: Economic Boost in any of the countries is of great significance. The International Monetary Fund (IMF) projected 5.8% growth for Antigua this year.Significantly, the country’s economy is on a remarkable recovery path that depicts resilience and strategic planning. With the real GDP estimates at 4.2% in 2023, the country positively returned to the pre-pandemic output levels.Such a return and the growth signals of the construction activities that took place in the country. As well, it is the result of an increase in tourist arrivals that speaks of the nation’s goodwill as the premier destination.Looking forward to the year 2024, the state of the country is to take an upsurge and the projections indicate a temporary boost with the figure of 5.8%. Such a figure projected is a significant outcome of the nation which connects to the fruitful results of two of the major events held in the country.The two prestigious projects are the United Nations Small Island Developing States Conference (SIDS4) and T20 Cricket World Cup. Both these events brought significant economic benefits, highlighting the country’s position on the global stage.Despite all the challenges posed by a high public debt burden, Antigua and Barbuda have made substantial progress in reducing the debt-to-GDP ratio. The positive sign of the same is a glance at the figure of 76% that revealed a decrease in 2023 which was 100% in 2020 that is at the times of pandemic.Such an improvement evidently states of the economic recovery and upward division to the nominal GDP following the rebasing of national accounts statistics. Importantly, the 2024 budget also has critical measures in it that are aimed at increasing the standard ABST (Accountancy and Business Statistics) rate.To meet with the challenges, certain of the actions which are part of the 2024 budget includes implementing excise taxes on alcohol, tobacco, and cannabis products. As well, raising the property taxes for high-end properties. Such an action would enhance the fiscal position around half percent in GDP in 2024.Such measures will be proven fruitful for the reduction of vulnerabilities and ensuring sustainable growth. For all the actions being taken in the country especially towards the overall progress and growth sets a bar high for other countries and enhances its position at the global level.The country as well is getting much appreciation from the Antigua and Barbuda’s authorities for the collaboration and valuable discussions on the achievements.