THE International Monetary Fund (IMF) has called for territories across the Organization of Eastern Caribbean States (OECS) and the wider Caribbean to cut spending and save their buffers, as a drop-off in tourism numbers is expected in the coming months.
That call comes against the backdrop of the Fund cutting its outlook for tourism dependent states due to the ripple effects of the rising inflation.The IMF is painting a grim picture for Latin America and the Caribbean for 2023, as the world continues to seek ways to rebound from the economic shock brought by the rapid increase in inflation numbers being seen in all corners of the globe.
Those shocks were as a result of the continued war in Ukraine, global supply chain issues and the continuing flux in gas prices.
