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Grenada - Economic report, Volume 1
 
Country:Grenada; Date Stored:2013/03/13
Document Date:1985/01/01Document Type:Publication
SubTopics:Access to Finance; Transport Economics Policy & Planning; Economic Theory & Research; Emerging Markets; Debt MarketsISBN:0-8213-0626-X
Language:EnglishRegion:Latin America & Caribbean
Report Number:75938Collection Title:A World Bank country study
Volume No:1  

Summary: This report is based on the work of an economic mission to Grenada during January 1985. The main issues identified in the report include the need for: (i) a comprehensive fiscal reform to improve incentives for productive activities; (ii) a strengthening of public sector finances through the reorganization and reduced role of the public sector and reform of the public enterprises; (iii) promotion of private investment through an improved incentive system and upgraded economic infrastructure; (iv) reduction of the high level of unemployment; and (v) continuation of the liberalization of the economy, particularly in the areas of trade and price controls. A revolution in March 1979 brought the People's Revolutionary Government (PRG) to power. However, because of layoffs in the manufacturing sector and those displaced after the change in government, officials estimate that about a quarter of the labor force currently is unemployed, compared to 17.4 percent in 1981. One of the major challenges the new government faces is to encourage investment so that more jobs will be generated. Grenada's extensive road network has deteriorated badly because of years of neglected maintenance. The economic losses caused by the poor state of the roads are acute in the agricultural sector in terms of produce damage, particularly in the case of bananas. The mission strongly supports the government's plan to minimize additional commitments, except on highly concessional terms. Given the low debt service ratio after 1988 and assuming that export performance improves as already outlined, Grenada would have the capacity to borrow small amounts on commercial terms by 1989-90.

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