SVG Business indicators suggest weakness, Tourist Arrivals below ECCU Level

According to the latest IMF report, the Doing Business Ranking by the World Bank suggests that St. Vincent outperforms its ECCU peers in “enforcing contracts”, “paying taxes” and “dealing with construction permits”.

Nonetheless, with major weaknesses in the areas of “getting electricity” and “registering property”, St. Vincent’s overall Ease of Doing Business ranking is slightly below the ECCU average at 125 out of 190.

As the 2014 insolvency law becomes tested by legal proceedings, the criteria for resolving insolvency should improve St. Vincent’s DB rank going forward.

Meanwhile, the IMF stated that Tourism receipts have recovered since the Global Financial Crisis and natural disasters in 2013, driven by an increase in stayover visitors, although a setback has been observed in 2017, particularly with the decline of UK stayover visitors.

Nonetheless, the report said St. Vincent has lagged behind the Union since 2007, highlighting the importance of nonexchange rate factors.

The report further stated that the new international airport is expected to improve connectivity and help fill the
competitiveness gap.

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