In circumstances where Caribbean countries and more particularly, those commonly categorized as LDC’s, are rarely credited with standout economic performance reports from high-profile global financial and development institutions, a recent assessment by the International Monetary Fund (IMF) of the growth potential of the Caribbean Community (CARICOM) member country, Grenada, departed radically from the accustomed trend.
The Fund’s recent visit to the ‘Spice’ Isle realized a prediction of economic growth of nearly four per cent, going forward. The Fund’s assessment team reported that Grenada is experiencing “sustained, strong growth” that is being buttressed by a buoyant tourism sector. Grenada is one of a number of CARICOM countries which, while known for its energetic efforts in the agriculture sector, remains considerably dependent on high-priced extra regional food imports.
Currently, Grenada, like much of the rest of the region, is part of a regional collective that is pinning its hopes on a slow-moving Caribbean food security initiative, being led by Guyana, to lead a regional food security initiative that will strengthen the bona fides of the smaller Carib-bean territories, less endowed with resources that allow for higher levels of food production. In recent times, The Stabroek Business has reported on initiatives supported by the Grenadian government for the country to shore up its food security credentials.
Beyond the efforts of the 314-sq. kilometer to boost its own food production, the IMF says that the country’s “sustained, strong growth” is also benefitting from a pleasing international image that is boosting its credentials as a ‘target’ for citizenship by investment, financial returns from which have reportedly resulted in “a large budget surplus, an increase in government deposits, and lower public debt.” Under the CBI, foreign investors are granted Grenadian citizenship in return for making a substantial investment in the socio-economic development of the country.
