Country Economic Review 2020 - St. Vincent and the Grenadines
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The COVID-19 pandemic has had negative impacts on St. Vincent and the Grenadines although the overall economic decline was relatively moderate at 2.7%. The country recorded its first case of the virus on March 13, 2020. By the end of the year, the number of confirmed cases had climbed to 115 persons but with no related deaths. The pandemic took a heavy toll on the tourism sector, which declined steeply by 55%. The relatively low weight of hotels and restaurants (under 3%) in the gross domestic product (GDP), limited its contributing impact to the overall reduction in GDP. At the same time, the lack of tight restrictions on economic activities, such as lockdowns, meant that businesses continued to operate during the year. Lower revenues and higher public spending associated with crisis response measures, weakened the fiscal and debt positions.