In early December, the International Monetary Fund (IMF) released a report highlighting Dominica’s developing infrastructure through its Citizenship by Investment program. According to the forecasts of the IMF, the GDP is expected to recover by 2023 to the level before the pandemic. And from 2022 to 2026, annual growth is projected at an average of 5%.
This growth is driven by a rebound in tourism, continued hotel construction, and new direct flights from the United States from December 2021.
“This is a promising growth outlook for our island, despite the impact of the COVID-19 on economic activity,” said Prime Minister of Dominica Dr. Roosevelt Skerrit.
The IMF also noted that the Fiscal Responsibility Bill’s passage would help reduce the country’s debt and ensure the long-term viability of the growth plan.
“With public debt surpassing 106 percent of GDP in the aftermath of the pandemic, the passage of the Fiscal Responsibility Bill will help to reduce public debt and ensure the government’s development plan’s long-term viability,” the IMF said. “These projects will boost growth in the short term while they are being built, as well as raise potential output in the long run, with tourism spillovers and a reduction in fossil fuel dependency, all of which will improve Dominica’s external sustainability and competitiveness.”
Citizenship by Investment funds, which are used by the government, are one of the drivers of the country’s development. The Dominica citizenship by investment program itself is considered one of the available and invites foreign investors to donate to a government fund or purchase approved real estate and receive citizenship in return.
More about Dominica Citizenship by Investment program
Source: wicnews
