Dominica: 2023 Article IV Consultation-Press Release; and Staff Report for Dominica

International Monetary Fund

No 2023/246, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2023 Article IV Consultation highlights that the Dominican economy is recovering strongly following the pandemic. Fiscal space remains tight. High Citizenship-by-Investment (CBI) revenue, nearing a record 30 percent of gross domestic product in recent years, has supported public investment and crisis response measures. The economic outlook is positive, predicated on a continued expansion in tourism and implementation of the country’s economic modernization and resilience building agenda The transition to local geothermal energy production and construction of a new airport, planned for the coming years, will sustain economic activity, reduce dependency on fossil fuels, bolster resilience to external shocks, and improve international connectivity. Meanwhile, public debt is set to decline gradually in coming years, supported by efforts to reduce current spending and strengthen tax collection. Building policy buffers and critical infrastructure will help address downside risks stemming from global economic uncertainty, climate change, and volatility of CBI revenue.

Keywords: CBI revenue; investment goods; CBI program; debt ratio; fuel price policy; Fiscal stance; Credit; Caribbean; Global (search for similar items in EconPapers)
Pages: 77
Date: 2023-07-05
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