IMF says St. Kitts-Nevis recorded strong economic growth last year

April 1, 2023  -The International Monetary Fund (IMF) on Friday said economic growth rebounded “strongly” last year in St. Kitts-Nevis despite global headwinds and that gross domestic product (GDP) is estimated to have grown by nine per cent in 2022 after contracting 14.5 per cent in 2020 and 0.9 per cent in 2021.

In a statement, the Washington-based financial institution said the lifting of all COVID-related travel restrictions in August last year sparked a strong rebound in the tourism sector and across the economy.

“The authorities’ proactive policy response, facilitated by the fiscal buffers accumulated from a decade of prudent fiscal policy, helped shelter domestic prices from high global energy and food prices,” it said, noting that these measures nonetheless took a heavy toll on fiscal accounts in 2022.