According to the report, tourism has played a pivotal role in driving growth in Antigua and Barbuda’s economy, with both sectors experiencing notable strength.

The report also indicates that real economic activity is on track to return to pre-pandemic levels during 2023, signaling a significant milestone in the nation’s recovery from the economic challenges posed by the global health crisis.

After witnessing a peak of 9.2 percent at the end of 2022, inflation exhibited a positive trend, falling to 6.6 percent by August of the following year.

Core inflation has shown a steady decline, indicating a favorable economic environment and effective policy measures.

The current account deficit, which widened to an estimated 16.2 percent of GDP in 2022, is expected to contract to around 12 percent of GDP in 2023.

Although higher tourism receipts were partially offset by increased goods imports and a decline in the terms of trade, the projected reduction indicates positive adjustments in the external balance.

Antigua and Barbuda’s nominal GDP has rebounded, leading to a decrease in public debt from 95 percent of GDP at the end of 2021 to 87 percent at the end of 2022.

Despite this improvement, the nation still faces challenges with high gross financing needs, and there has been limited progress in addressing arrears to both creditors and domestic suppliers.

The report highlights that the country’s financial sector remains stable. However, there are concerns about the rapid growth in credit union lending, albeit from a low base.

Analysts have expressed apprehensions about potential impacts on future credit quality, calling for careful monitoring and management of this aspect of the financial sector.

In conclusion, the IMF’s assessment paints a positive picture of Antigua and Barbuda’s economic trajectory, with strong growth, a decline in inflation, and improving external balances.

However, it underscores the importance of addressing lingering challenges, particularly in managing public debt and ensuring the sustainability of credit union lending.

As the nation looks towards a post-pandemic future, these insights provide valuable guidance for policymakers and stakeholders alike.

On Tuesday, Prime Minister Gaston Browne of Antigua and Barbuda welcomed Abdullah Muhammad Alsaihani, the new Non-Resident Ambassador of the Kingdom of Saudi Arabia to Antigua and Barbuda.

During the courtesy call at the Office of the Prime Minister, the prime minister expressed his strong desire to strengthen the friendship between the two countries.

He mentioned that Antigua and Barbuda is currently in discussions with the Saudi Royal Family to appoint an Economic Envoy to the Kingdom of Saudi Arabia, who will likely be upgraded to the position of Ambassador.

This move will help to further enhance the relations between the two countries.

Prime Minister Browne also highlighted that Antigua and Barbuda has signed a Memorandum of Understanding for an air services agreement between both St. John’s and Riyadh.

He expressed his hope that Saudi Arabia will consider Antigua and Barbuda as a possible destination for its new airline, as it is capable of doing long-haul flights.

During the previous year, when Saudi Arabia transported Caribbean leaders to meet with Prince Muhammad bin Salman, Antigua and Barbuda was one of the countries where the Saudi aircraft made a stop.

In addition, the prime minister made a case for Antigua and Barbuda to benefit from establishing a Development Fund in the Caribbean, which will be set up by the Saudi government.

He noted that Saudi Arabia has been successful in its bid to be the venue for the 2030 World Expo, and the Saudi campaign for the Expo in the Caribbean started in Antigua and Barbuda.

During his visit to St. John’s, the Saudi ambassador also held discussions with Foreign Minister E.P Chet Greene, and visited the campus of the University of the West Indies at Five Islands. Saudi Arabia has approved US$80 million to finance the expansion of the university, and work on this project will begin shortly.

Caribbean Journal’s Caribbean Travel Award for Caribbean Tourist Board of the Year has been won by the Antigua and Barbuda Tourism Authority due to their outstanding performance in 2023.

The Caribbean Journal’s Caribbean Travel Awards acknowledges the efforts of people and places contributing to the Caribbean’s success, from the best hotels to the top tourism executives and the islands that excel in fields such as food, romance, sustainability, and innovation, as chosen by Caribbean Journal’s editorial team and leading experts on Caribbean travel and tourism.

The winning streak of Antigua and Barbuda continued with the destination being recognized as Wedding Destination of the Year and Culinary Destination of the Year in the awards announced by Caribbean Journal.

Tourism Minister Charles Max Fernandez described the wins as a demonstration of the strong performance of the Antigua and Barbuda Tourism Authority and the tourism industry teams during the year.

“Brand Antigua and Barbuda has a clear vision that has been developed based on the inputs and feedback of our tourism stakeholders across various sectors. Through partnership and collaboration, we continue to elevate our tourism offerings and experiences showcasing our talents and the uniqueness of Antigua and Barbuda. To be recognized by our peers in the region is an honor, and I am tremendously proud of the work of our teams,” he said.

Meanwhile Editor and Publisher of Caribbean Journal Alexander Britell says Antigua and Barbuda has experienced meteoric growth in tourism over the last few years.

“The twin-island destination’s performance in the 10th annual Caribbean Travel Awards is a testament to that success. From a Caribbean-leading culinary movement to its place as a world-class wedding destination, Antigua and Barbuda and the ABTA are a model for the rest of the region.”

During 2023, the Antigua and Barbuda Tourism Authority hosted the inaugural Antigua and Barbuda Restaurant Week in May and laid out the red carpet for couples visiting the destination during Antigua and Barbuda Romance Month in June.

And Colin James, CEO of Antigua and Barbuda Tourism Authority congratulated his team for their commitment to working diligently to ensure Antigua and Barbuda sets itself apart from other destinations.

“Our main priority is to continue increasing airlift growth, producing unique campaigns and marketing initiatives, and focusing on sustainability. Winning several of the prestigious awards is a great achievement and highlights the endless dedication we devote towards promoting the destination and contributing to the success of our island’s tourism industry,” James stated

The Verandah Antigua and Hammock Cove also won awards. The Verandah Antigua won the Caribbean All-Inclusive Resort of the Year, and Hammock Cove won Small All-Inclusive of the Year.