Eastern Caribbean Currency Union: 2025 Staff Report for the 2025 Discussion on Common Policies of Member Countries-Press Release; and Staff Report

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2025 Issue 104

Publication date: May 2025

ISBN: 9798229010030

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Financial sector stability , Monetary unions , Current account deficits , Credit , Credit bureaus , Anti-money laundering and combating the financing of terrorism (AML/CFT)

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Summary

The currency union has been providing a strong anchor for macroeconomic stability in a shock-prone region, highlighted by the impact of Hurricane Beryl last year. Tourism-backed post-pandemic growth has been strong, and inflation has moderated in tune with global trends. Public debt has modestly declined but remains high. The financial system is stable, though continues to face challenges from balance sheet weaknesses, weak bank lending conditions, and non-banking sector vulnerabilities. Medium-term GDP growth is projected to moderate as most of the region nears full tourism capacity, with weak productivity growth, subdued investment, and rapid population ageing weighing on the outlook. Key downside risks stem from the unpredictable external environment, uncertain Citizenship-by-Investment (CBI) inflows, and natural disasters (NDs).