Bahamas: Staff Concluding Statement of the 2023 Article IV Mission

The Bahamas’ economy continued to rebound vigorously in 2022. Real GDP growth reached 14.4 percent and unemployment fell to 8.8 percent with a broad-based expansion that was especially strong for tourism. However, labor force participation, particularly among men, remained below pre-pandemic levels. In 2023, international flight and cruise arrivals rose well above their pre-pandemic levels leading to a projected 4.3 percent expansion in the year, bringing the economy back to estimates of potential output.

IMF Executive Board Completes the First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements for Papua New Guinea

Papua New Guinea’s economic outlook remains favorable. Growth is expected to soften to 3.0 percent this year, due to the normalization of LNG production, but is projected to rebound to 5.0 percent in 2024, spurred by the expected reopening of Porgera gold mine and by sustained growth in the agriculture and service sectors. Inflation—after significantly declining in the past year due to fiscal measures and lower imported inflation, is projected to rise, reaching 3.5 percent by end-2023 and 5.0 percent by end-2024.

Subscribe to