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IMF optimistic about recovery of Surinamese economy

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The region is showing some bright spots of economic recovery after the severe ravages of the Covid-19 pandemic. Neighboring Guyana is the frontrunner with an expected growth of almost 58 percent by the end of 2022, thanks to large oil exports. Suriname, which also has relatively large oil reserves, will be satisfied with a growth of no more than 1.3 percent. This is reported by the International Monetary Fund (IMF) in its latest World Economic Outlook.

According to the IMF, the Surinamese economy will continue to grow in the coming years, but it will not be very drastic, despite the large oil wealth. About 2.3 percent growth is expected in 2023 and 3 percent in subsequent years. On the DataMapper of the IMF under the current circumstances, until 2025, the IMF does not expect growth more than 3 percent.

The annual inflation rate is 46.6 percent, according to the IMF. According to the indicators, a drastic fall in inflation is expected, partly thanks to the strong recovery program sanctioned by the IMF. However, Suriname will not succeed in bringing inflation below 10 percent until 2026, if the aggressive program is continued.

In the meantime, the program has proved difficult to bear for society. Renegotiations are underway with the IMF to time the program. This should provide some relief in the short term, but it will delay growth and development. With the exception of Haiti, all countries in South America and the Caribbean are registering positive growth. Venezuela, which until recently was in the red, will increase by no less than 6 percent by the end of this year, according to the IMF.

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