IMF on St Vincent

The International Monetary Fund (IMF) is reporting a slowdown of the St Vincent and the Grenadines economy last year as a result of the global economic crisis.



The Washington-based financial institution said the country’s economic growth fell from seven per cent in 2007 to about one per cent in 2008.



It said the decline was due to weakened activities in the tourism and agriculture sectors.



The IMF also said domestic inflation rose sharply in the first three quarters of 2008, reflecting higher world fuel and food prices.



But it said domestic inflation declined to eight point seven per cent at the end of the year as the prices eased.