Thursday, October 15, 2020

IMF projects 14.8 percent contraction for The Bahamas


(MENAFN - Caribbean News Global)
By Paige McCartney

NASSAU, Bahamas — In a release from the World Economic Outlook for October 2020, the International Monetary Fund (IMF) has projected The Bahamas' economy will contract 14.8 percent this year before rebounding by 4.6 percent in 2021. Five years out from the COVID-19 economic crisis, the IMF has projected economic growth of 1.5 percent.

The IMF has projected downgrades in some emerging and developing economies, with an outlook of a 5.4 percent contraction in the Caribbean region's real gross domestic product (GDP), which it notes will rebound in 2021 with 3.9 percent growth.

The fund has also projected a 17.5 percent contraction in account balances this year, which it expects to ease in 2021 when it projects an account balance contraction of 15.9 percent and 7.7 percent in 2025.  Read more >>