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Antigua and Barbuda - Economic memorandum, Volume 1
 
Collection Title:A World Bank country studyCountry:Antigua and Barbuda;
Date Stored:2003/08/01Document Date:1985/10/31
Document Type:PublicationSubTopics:Environmental Economics & Policies; Economic Theory & Research; Banks & Banking Reform; Public Sector Economics; Financial Intermediation
ISBN:0-8213-0628-6Language:English
Major Sector:(Historic)Economic PolicyRegion:Latin America & Caribbean
Report Number:PUB5297Sub Sectors:(Historic)Macro/non-trade
Volume No:1  

Summary: The economy of Antigua and Barbuda has experienced a slackening of economic growth as a result of international economic recession and the trade difficulties within the Caricom regional market. Future growth prospects appear sound, however. Much of the future growth of the economy will depend upon a reorientation of the manufacturing sector toward extraregional export markets and restraint in public sector current expenditures. A variety of issues will need to be addressed to ensure that the foundations for future economic growth are in place. These include: (i) immediate progress is necessary to curtail the growth of public sector current expenditures; (ii) alternative revenue raising measures are necessary together with an effective tax policy and general improvement in the tax administration; (iii) employment generation constitutes the main development challenge; (iv) the tourism sector, the country's leading sector, should be expanded; (v) efforts should be made to expand the representation of the Industrial Development Board and allocate the resources necessary to enable the Board to play a major role in the attraction of new manufacturing investment; and (vi) within the agricultural sector, efforts must be made to encourage fruit, vegetable, and livestock production.

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