IMF predicts economic decline in St Kitts

The International Monetary Fund (IMF) is predicting a 1.2 percent decline in economic growth in St Kitts and Nevis this year.



The IMF said the twin island federation\'s economy has been weakened by the financial crisis, as well as the country\'s heavy debt burden despite several years of robust growth.



The Washington-based financial institution said near term growth prospects have also declined in the wake of the global recession and the collapse of Trinidad-based CL Financial Group.



The country’s economy was also affected by the recent damage caused by Hurricane Omar, which passed through the region last October.



However, the agency said the economy could achieve strong growth in the medium term, provided that authorities in Basseterre continue to press ahead with the reform agenda.