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Caribbean Development Bank states that Caribbean recorded modest economic growth in 2013
“Consequently, and notwithstanding cutbacks in capital spending in Barbados, Dominica and Grenada, and Antigua and Barbuda’s successful completion of an IMF program in June 2013, the ratio of Gross General Government debt to GDP rose in all of these BMCs.” The CDB said preliminary estimates indicate that steepest increases were in St. Lucia (14 percentage points to 89 per cent) and Barbados (10 percentage points to 108 per cent).
“The run-up in debt contributed to the credit downgrades given to Barbados, Grenada, St. Lucia and St. Vincent and the Grenadines by the rating agencies. On the other hand, successful debt restructurings during the year (Belize and Jamaica), as well as satisfactory progress on IMF-sponsored adjustment programs (Jamaica and St. Kitts and Nevis) underpinned improved debt dynamics and prompted credit rating upgrades (Belize and Jamaica).”
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